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Reverse Mortgage and HECM Purchase

Reverse Mortgage and HECM Purchase

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Reverse Mortgage and HECM Purchase

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  1. ReverseMortgage and HECM Purchase Sponsored by: Orlando Mortgage Company (877) VETS-USA

  2. What are your goals? Orlando Mortgage Company (877) VETS-USA

  3. What is a HECM Purchase HECM for Purchase now enables home-buyers (age 62 or older) to purchase a principal residence using a federally-insured Reverse Mortgage. There are NO MONTHLY MORTGAGE PAYMENTS as long as the home remains the primary residence. The guaranteed HECM amount will bebased on the age of the buyer. The older the buyer, the smaller the amount of the purchase price that needs to come from their own funds. There is no minimum income-level or required credit-rating for seniors to qualify for this program. They must be financially able to meet annual homeowners' insurance premiums, real-estate taxes, and typical home maintenance. If not now… When? Orlando Mortgage Company (877) VETS-USA

  4. What is a Reverse Mortgage? • Reverse Mortgages or HECM (Home Equity Conversion Mortgages) are a way for homeowners, 62 and over, to access equity they have in their homes. • A reverse mortgage is a loan against your home that you do not have to pay back for as long as you live in the home. • You still own your home throughout the entire term of the loan. • A reverse mortgage can help you access cash based on the value of your home without you having to make monthly mortgage payments and can help you better manage your financial future. Orlando Mortgage Company (877) VETS-USA

  5. Common Uses of Proceeds • Paying for daily expenses. • Making home repairs and improvements. • Covering medical expenses. • Establishing trusts. • Helping to financially support family members (e.g., funding grandchildren’s tuition). • Paying off loans or bills. • Maintaining or improving quality of life. • Something special - buying a new car or taking a vacation. Orlando Mortgage Company (877) VETS-USA

  6. Proceed Disbursement Options • Lump Sum • A withdrawal of your available proceeds at loan closing (the entire amount or a partial amount), typically to pay off your existing mortgage balance, if any, and to provide cash. • Fixed Monthly Payments • Tenure: A fixed monthly payment for as long as you remain in the home. • Term: A fixed monthly payment for a specific term that you determine. • Line of Credit • A credit line you can access at any time. The unused balance has a growth feature, which means you will have access to additional benefits the longer you remain in the home. • A combination of any of these options • Partial prepayments allow for increases in available credit. Orlando Mortgage Company (877) VETS-USA

  7. Benefits • With Reverse Mortgage you won’t have a monthly mortgage payment. • The money you receive is Tax-Free. • Your Social Security and Medicare benefits won’t be affected. • Non-recourse Loan. If not now… When? Orlando Mortgage Company (877) VETS-USA

  8. Other Benefits • The Reverse Mortgage will be paid only if the owners on title sell the property or do not reside in it as a primary residence. • No pre-payment penalties. • This program is insured by the Federal Housing Administration(FHA). • You continue to be the owner of your property. Orlando Mortgage Company (877) VETS-USA

  9. Qualifications • 1 hour Counseling Certificate • There are no income requirements • There are minimal credit requirements (not credit score driven). • Property must have enough equity and be your primary residence. Orlando Mortgage Company (877) VETS-USA

  10. When do you have to pay back the loan? • When you sell your property. • If you stop residing at the property for more than 12 months. • When the last owner on title is deceased. • If you stop payment of taxes and insurance on the property. Orlando Mortgage Company (877) VETS-USA

  11. Informed Decisions We recommend that you do your research to get the information you need. Other things you might consider: • Talking to your family or other trusted advisors • Other potential solutions such as: • Other types of mortgages such as refinancing, a home improvement loan or an equity line of credit. • State or local programs that might provide funds for home repair or property tax deferral. • Consulting a legal, financial or tax advisor to discuss your financial needs and considering other potential income solutions. • Social services benefits that may be available such as Supplemental Security Income (SSI), Medicaid, MediCare, Veterans Benefits, and widow/widower benefits. • Compare the costs and benefits of selling your home. Orlando Mortgage Company (877) VETS-USA

  12. Facts From AARP 65% of senior homeowners plan to stay in their existing home as long as possible. 82% of senior homeowners who require some level of assisted living prefer to remain in their home as long as possible. http://www.aarp.org/ 1-888-OUR-AARP (1-888-687-2277) Orlando Mortgage Company (877) VETS-USA

  13. National Council on Aging The National Council on Aging prepared an extensive report on how to use a Reverse Mortgage to “Use Your Home to Stay at Home” http://www.ncoa.org/ 1-202-479-1200 Orlando Mortgage Company (877) VETS-USA

  14. Improve Your Life! • A Reverse Mortgage allows you to use the money you have invested in your home for so many years to: • Afford the things you enjoy and need. • Fulfill your dreams. • Make life your life more secure, easier, and worry free. Home Equity Cash Flow Better Life Orlando Mortgage Company (877) VETS-USA

  15. Stop Dreaming, Start Living! If not now… When? Orlando Mortgage Company (877) VETS-USA

  16. What’s the next step? Have you made the decision yet? If you have any questions, we are here for you. Call us 407-999-9700 (877) VETS-USA Serving our community since 1988 644 West Colonial Drive Orlando, FL 32804 www.orlmortgage.com Orlando Mortgage Company (877) VETS-USA