FHA HECM REVERSE MORTGAGES

REALIZE YOUR RETIREMENT DREAMS

Lou is the #1 Top Reverse Mortgage Specialist and was awarded “Top Reverse Mortgage Producer” for 2015 & 2016 at C2 Financial Corporation, one of the Largest Lenders in America. C2 is a Wholesale Lender who is licensed with over 100 banks nationwide, (AAG, Reverse Mortgage Solutions, Reverse Mortgage Funding, etc.) so Lou can shop all of these lenders to find his clients extremely low rates and and the best programs available. Additionally as a Branch Owner, Lou can waive fees and help with closing costs saving his clients a considerable amount of money on their loan. In fact Lou is able to offer many of his clients NO OUT OF POCKET EXPENSES to help set them up for success moving forward. He feels this gives him a unique edge over the competition and he would love the opportunity to earn your business.

WHAT IS A REVERSE MORTGAGE?

FHA Insured Home Loan

Called the Home Equity Conversion Mortgage (HECM)

• Eliminate Existing Monthly Mortgage Payments
*Homeowner must continue to meet all conditions including payment of property taxes, homeowners insurance, HOA dues and continued maintenance of the property.
• Access the Equity in your home for Tax Free Cash
• Use the funds for ANYTHING
• Gain Financial Independence and keep your home
• Most Importantly – The bank NEVER owns your home!

HOW DO I QUALIFY?

• You must be 62 or over
• New rules allow for a younger spouse
*An under-age spouse is not a borrower and is not on title. Their right to remain in the property for life is dependent on meeting all conditions of the HECM program including continued payment of property taxe and homeowners insurance and maintenance of the property. Available tenure payments or lines of credit extended to the borrower will cease upon their demise and will not be available to the non-borrowing spouse.
• Must be your Primary Residence
• Must Have Equity
• You must now Income Qualify

HOW MUCH MONEY CAN I QUALIFY FOR?

The amount of money a homeowner can borrow is based on the following criteria:
1) Age
2) Appraised Home Value • 50% – 60% of Appraised Value
3) Current Interest Rates

BORROW RESPONSIBILITIES

It’s Important To Remember The Borrower Still Has Responsibilities:
• Property Taxes, Insurance and HOA
• Property Maintenance
• Occupancy Requirements

CONSUMER SAFEGUARDS

These safeguards are put in place for your benefit to protect you, the senior.
• Third Party Counseling through HUD (Housing and Urban Development)
• No Prepayment Penalty
• FHA Insured Non-Recourse Loan
• Regulated HUD Fee Limitations

TIPS FOR OLDER HOMEOWNERS

• Look At The Big Picture
• Take Advantage of Low Interest Rates
• Don’t Wait Until The Last Minute
• Have Cash Ready For Emergencies
• Don’t Deplete Your Investments And Reduce Your Future Income