REVERSE MORTGAGE

A Reverse Mortgage helps homeowners 62 years and older live in their homes comfortably and securely. The Reverse Mortgage turns equity into extra cash, a line of credit, regular monthly income or any combination of these options. There are no mortgage payments as long as the homeowner lives in the house and the proceeds are tax free.

Homeowners use the proceeds from a reverse mortgage for many reasons. Some are listed below.

The money you receive from a Reverse Mortgage can be used for anything... Pay for home repairs and renovations Long term healthcare Pay off existing debt Healthcare & prescription drugs Pay taxes Your grandchildren’s education Travel Pay off an existing mortgage Buy a boat or a summer home Make car repairs or purchase a new car Earn a college degree Almost anything you want!

Types of Reverse Mortgages:

• Home Equity Conversation Mortgage (HECM) – Government insured FHA program. Provides cash, line of credit or monthly income subject to HUD/FHA lending limits for as long as you live in the home.

• HomeKeeper Mortgage – Government sponsored enterprise program. Provides cash, line of credit or monthly income subject to Fannie Mae lending limits for as long as you live in the home.

• HomeKeeper for Home Purchase Mortgage – Government sponsored enterprise program. Provides cash towards a percentage of approved new home purchase price. Requires your cash to cover the additional money towards purchase. Great for downsizing from original home.

• Cash Account – Jumbo Mortgage – Proprietary program provides cash options or lines of credit with emphasis on higher valued homes.