Reverse Mortgages: Security in Retirement

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• All borrowers must be 62 years of ageAge

• No monthly paymentsPayment

• Must have a minimum of 50% equityEquity

• Must occupy your home as your primary residence. Primary

Reverse Mortgage Basics:

What have you heard

about reverse mortgages?

Misconception: If I take out a reverse mortgage the lender will own my home.

Reality: Homeowners still retain title and ownership to their homes during the life of the Reverse Mortgage.

Misconception: I can’t get a reverse mortgage if I have an existing mortgage.

Reality: With enough equity, you may be able to pay off your existing mortgage or other debt with the reverse mortgage.

Misconception: I’ve heard I won’t qualify for a RM because of my income.

Reality: Unlike a traditional mortgage where mortgage payments must be made each month, a RM pays you. There are no income, asset or credit qualifications.

Misconception: There are restrictions on how RM proceeds may be used.

Reality: There are no restrictions. The cash proceeds from the RM can be used for any purpose.

Misconception: If I outlive my life expectancy, the lender will evict me.

Reality: RM lenders put no time limit on how long you can stay in your home.

Misconception: My heirs will be responsible for the repayment of the RM

Reality: RMs are non-recourse loans. That means, if the property is sold to pay-off the loan when you pass away or decide to leave the home for other reasons there will be no mortgaged debt for the family and heirs to repay

Recognizing the value of RM, the US Congress made substantial improvements to the federally issued HECM:

Raised loan limits

Lowered fees

Created a RM for purchase program

Implemented stricter consumer protections

My mission is to always provide you with accurate information about what a RM is and how it works so that you can make informed decisions about

whether this product makes sense for your particular situation

Reverse Mortgage...It’s about the Quality of life