Reverse Mortgage
Presentation
Presented By:
Constance Griggs
Elite Mortgage & Financial Services
Working In
Conjunction With Susan Wang From
“2” Questions to ask yourself
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Are you planning to stay in your home?
Would having more money improve
your quality of life and give you peace
of mind?
Today’s Agenda
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What is a Reverse Mortgage
“3” Ways to get money out of your home
Issues Seniors Face Today
How Reverse Mortgages Work
How Safe is a Reverse Mortgage
Common uses of a Reverse Mortgage
Borrowers Responsibility
Why Elite Mortgage
Questions & Answers
What is a Reverse Mortgage
A Reverse Mortgage is a unique loan
that enables senior homeowners (62+)
to convert part of the equity in their
homes into tax free income without
having to sell the home, give up title, or
take on a new monthly mortgage
payment.
“3” ways to get money out of your home
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Sell your home- Requires you to move
Take out a forward loan or a line of credit
against your home- Requires credit and
income qualification and requires monthly
payments
Get a Reverse Mortgage-You do not have to
move, no credit or income qualifications and
no repayment required as long as you live in
the home
Issues Seniors Face Today
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Fixed Incomes
Social Security not enough
Fear of outliving their incomes
Rising costs of healthcare, &
prescriptions
Cost of Living (Gas, Groceries, etc.)
Unexpected expenses
How Reverse Mortgages Work
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Loan against your home-not paid back until one of the following occurs
Move, Sell, or Die
No Restrictions on how you use your money
Benefit determined by the following
1.
Age of youngest borrower on title (minimum of 62 years of age)
2.
Appraised value of home or county lending limit
3.
Current Index Rate
How can you receive your proceeds/benefit
1.
Lump sum of cash
2.
Monthly payments to you
3.
Leave on a Line of Credit
4.
Or a combination of the above options
How Safe is a Reverse Mortgage
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The Home Equity Conversion Mortgage (HECM) is the
safest HUD Mortgage in the United States
You can not outlive the loan
You can never be forced out of your home as long as
you pay your property taxes, homeowners insurance
& maintain the property
You cannot be made to make any payments as long
as you live in your home
Guaranteed by U.S. Department of Housing (HUD)
Insured by FHA if Lender Fails
3rd Party Counseling Required/Mandated
Asset Protection-Non Recourse Loan
Common Uses of a Reverse Mortgage
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Pay off existing debt (mortgage, credit cards,
etc.)
Supplement monthly income
Healthcare cost and prescriptions
Remodeling, home repair, or maintenance
Funds for In Home care
Recreational trips, cruises, vacations, etc
Purchase new vehicle, RV
Create cash reserve ( emergencies)
Borrower’s Responsibility
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Keep property taxes current
Maintain homeowners insurance
Maintain property in good condition
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Questions & Answers
No obligation Benefits Request Form
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Name_____________________
Date of Birth_______________
Name_____________________
Date of Birth_______________
Property Address:_________________________________________
City:__________________________ Zip:______________________
Phone: (______) ________________ Cell: (____)_______________
Do you have a current Mortgage Yes / No
Estimated Value of Home: ___________________
Best time for us to call you AM / PM
Your request will be processed with in 48 hours
Constance Griggs, VP of Operations (Certified Reverse Mortgage Consultant)
Irene Langenberg, Community Outreach (Coordinating Reverse Mortgages)
** See business card for contact information