Home Equity Conversion Mortgage (An FHA sponsored home ：住房反抵押贷款（FHA担保的家.pptVIP

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Home Equity Conversion Mortgage (An FHA sponsored home ：住房反抵押贷款（FHA担保的家.ppt

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Home Equity Conversion Mortgage (An FHA sponsored home ：住房反抵押贷款（FHA担保的家

Home Equity Conversion Mortgages Courtesy of: First Financial Reverse Mortgages 1-800-720-7003 FirstFinancial@firstloans.net What is a Reverse Mortgage? A retirement tool that allows senior homeowners to convert home equity into tax-free cash Without Leaving their homes Having income to qualify Being required to make monthly mortgage payments Having to repay the loan until last borrower permanently moves out Who can get a Reverse Mortgage Senior homeowner, at least 62 years old With enough equity in his/her home to qualify How Does This Differ from a Traditional Mortgage Loan? Does NOT require repayment until - Last borrower moves out - Borrower (s) sells the property - Last borrower passes away Borrower may qualify more easily compared to a traditional loan Features and Benefits Homeowner retains title to the home, not the lender Seniors’ savings are preserved and their cash flow is increased to use for the cost of living and to enjoy life Reverse mortgage proceeds are tax free Borrowers are not required to make monthly mortgage payments Virtually no income or credit qualifications are required Senior enjoys financial security and independence Qualifications Senior homeowner(s) 62 years or older Home must be a 1-4 family residence Most Condominiums and PUDs are eligible Manufactured homes meeting HUD guidelines Primary residence Mandatory HUD approved counseling Borrower’s Responsibility Keep property taxes current Maintain hazard insurance Maintain property in reasonable living condition Live in the home as primary residence How Safe is the HECM Reverse Mortgage? FHA administers the HECM program and guarantees that borrowers receive their requested loan advance if the lender defaults The borrower(s) will never owe more than the fair market value of the home upon loan maturity. How is the Loan Amount Calculated? Appraised home value or the national lending limit (whichever is less) Age of the youngest borrower Current interest rate Interest Rates HECM Va