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The first report is an Introduction to Reverse Mortgages.

We will deliver additional reports & tips by email so please make sure you entered a valid email address so we can send you this valuable information.

Reverse Mortgage Essentials

What is a Traditional Reverse Mortgage?

· A retirement tool that allows senior homeowners to convert home equity into tax free* cash

· Without

1. Leaving their homes

2. Having income to qualify

3. Being required to make monthly mortgage payments

4. Having to repay the loan until last borrower permanently moves out

Who can get a Traditional Reverse Mortgage

1. Senior home owner, at least 62 years old

2. With enough equity in his/her home to qualify

 

Features and Benefits

1. Borrowers are not required to make monthly mortgage payments

2. Seniors’ savings are preserved and their cash flow is increased to use for the cost of living and to enjoy life

3. Borrower can qualify more easily compared to a traditional loan

More Features and Benefits

1. Homeowner retains title to the home, not the lender

2. Homeowner continues to benefit from home appreciation

3. Senior enjoys financial security and independence

4. Virtually no income or credit qualifications are required

Who might use a HECM (Home Equity Conversion Mortgage) Purchase?

1. Empty nesters downsizing in retirement

2. Relocation

A. Warm climate

B. Grandchildren and friends

3. Need a single story home for physical reasons

4. Want to purchase dream home

5. Unable to purchase in the past due to credit / income qualifications, condo conversion, etc.

6. Need to eliminate burdensome monthly mortgage payments

How does a HECM for purchase work?

· Purchase consists of two parts:

1. Monetary investment buyer brings to the close

2. Remaining amount financed through the reverse mortgage

· Repayment due when:

1. Last borrower moves out permanently

2. Property is sold

3. All borrowers pass away

4. Non-compliance with terms of loan agreement (borrower must pay taxes, insurance, keep HOA dues current, and maintain home in reasonable condition)

For Example

· Mrs. Jones wants to downsize

· She sells her home for $200,000 and repays a Lien of $100,000 with $100,000 left over

· Mrs. Jones can use the money to buy a home worth $100,000 and use all the money and not have a mortgage or….

· She can use some of the money as a down payment on a $100,000 home with no required monthly payment (using a reverse mortgage for the balance of the purchase price) and have money left over to enjoy life with.

Please call for specific calculations!!

How can Borrowers Benefit?

· May be easier to qualify than “forward” loans

1. Minimal credit requirements

2. No income requirements

· Repayment is not required until the end of the loan

1. All borrowers pass away or

2. Home is sold or

3. All borrowers move out

The family has 6 months to repay the loan (& can get an additional 6 month extension; family/heirs have up to 12 months to decide what to do—refinance or sell the home.

Over the next few weeks, watch your email for additional information and answers to Frequently Asked Questions about Reverse Mortgages.

At anytime, if you would like to discuss Reverse Mortgages with me, please call my office at the number below.

Herb Levin

Eagle Home Loans
400 Skokie Blvd
Northbrook, Illinois 60062

(847) 790-3056
Fax: (847) 291-6973