HomeEquityConversionMortgage(AnFHAsponsoredhome：住房反抵押贷款（FHA担保的家

《HomeEquityConversionMortgage(AnFHAsponsoredhome：住房反抵押贷款（FHA担保的家》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、HomeEquityConversionMortgagesCourtesyof:FirstFinancialReverseMortgages1-800-720-7003FirstFinancial@firstloans.netBorrowersshouldconsultfinancialadvisorandappropriategovernmentagenciesforanyeffectontaxesorgovernmentbenefits.Makesureyourclientsunderstandthefeatures

2、associatedwiththeloanprogramtheychooseandtheeffectofanadjustableratetotheiroverallloancost.Advisorand/orbroker/correspondentsareindependententitiesanddonotformlegalpartnershiporagencyrelationshipswithFinancialFreedom.InformationisintendedforMortgageProfessionalso

3、nly,andnotintendedfordistributiontoconsumersWhatisaReverseMortgage?Aretirementtoolthatallowsseniorhomeownerstoconverthomeequityintotax-freecashWithoutLeavingtheirhomesHavingincometoqualifyBeingrequiredtomakemonthlymortgagepaymentsHavingtorepaytheloanuntillastborr

4、owerpermanentlymovesoutWhocangetaReverseMortgageSeniorhomeowner,atleast62yearsoldWithenoughequityinhis/herhometoqualifyHowDoesThisDifferfromaTraditionalMortgageLoan?DoesNOTrequirerepaymentuntil-Lastborrowermovesout-Borrower(s)sellstheproperty-Lastborrowerpassesaw

5、ayBorrowermayqualifymoreeasilycomparedtoatraditionalloanFeaturesandBenefitsHomeownerretainstitletothehome,notthelenderSeniors’savingsarepreservedandtheircashflowisincreasedtouseforthecostoflivingandtoenjoylifeReversemortgageproceedsaretaxfreeBorrowersarenotrequir

6、edtomakemonthlymortgagepaymentsVirtuallynoincomeorcreditqualificationsarerequiredSeniorenjoysfinancialsecurityandindependenceQualificationsSeniorhomeowner(s)62yearsorolderHomemustbea1-4familyresidenceMostCondominiumsandPUDsareeligibleManufacturedhomesmeetingHUDgu

7、idelinesPrimaryresidenceMandatoryHUDapprovedcounselingBorrower’sResponsibilityKeeppropertytaxescurrentMaintainhazardinsuranceMaintainpropertyinreasonablelivingconditionLiveinthehomeasprimaryresidenceHowSafeistheHECMReverseMortgage?FHAadministerstheHECMprogramandg

8、uaranteesthatborrowersreceivetheirrequestedloanadvanceifthelenderdefaultsTheborrower(s)willneverowemorethanthefairmarketvalueofthehomeuponloanmaturity.Howisthe