what |s a Reverse Hortgage?

F|rsl, Wral a reverse rorlgage |s N0T:

l |s rol a dec|s|or lo oe la|er ||grl|y
l |s rol ava||ao|e lo roreoWrers urder lre age ol 2
l |s rol lree rorey
l |s rol a cure-a||
reverse rorlgage |s rol 'a Way lor lre oar| lo gel your rouse
l |s rol oased or |rcore or cred|l |eve|s
l |s rol a lrad|l|ora| rore equ|ly |oar
wral a reverse rorlgage |s: a good loo| lor l|rarc|a| p|arr|rg ard l|ex|o|||ly. Trere are or|y a very leW
requ|rererls lor e||g|o|||ly:
O usl oe al |easl 2 or o|der
O 0Wr a rore (pr|rary res|derce)
O ave equ|ly |r lre rore
O Never rave delau|led or goverrrerl deol
what are the enef|ts of a reverse mortgage |oan ?
|eep oWrersr|p ol lre properly
rever rave arolrer rorlgage payrerl
|rcore |s lax lree (proceeds/lurds you rece|ve are lax lree)
se|ecl roW you Warl lo rece|ve your |rcore (rorlr|y, |urp sur, oolr)
you car se|| rore al ary l|re
you car |eave rore lor re|rs
you are rol al r|s| lor lorec|osures ( you rave lo pay lor ra|rlerarce, laxes, ard rore |rsurarce
as lr|s cou|d |ead lo a lecrr|ca| lorec|osure)
r add|l|or, lre rore |lse|l rusl oe ol a lype lral qua||l|es lor lre reverse rorlgage prograr. Tre vasl
rajor|ly ol s|rg|e lar||y rores qua||ly, as do rosl cordor|r|urs, loWrrores, 2-1 ur|l oWrer-occup|ed
dWe|||rgs ard rarulaclured rores. Your |rcore ard cred|l |eve|s, roWever, /o N0T matter.
To go lrrougr lre process ol gell|rg a reverse rorlgage you W||| reed lo spea| W|lr a reverse rorlgage
or|g|ralor or prov|der. Tr|s persor W||| gu|de you lrrougr lre pre||r|rary sleps, |rc|ud|rg course||rg, rore
appra|sa|s, |rspecl|ors, ard cro|ce ol |oar spec|l|cs. l |s very |rporlarl lo lee| corlorlao|e W|lr your
|erder. Fee| lree lo spea| W|lr as rary peop|e as you reed |r order lo ga|r |rlorral|or ard lee|
corlorlao|e. C||c| rere lor Reverse orlgage Rales.
0rce you rece|ve lre rorey, lrere are v|rlua||y ro reslr|cl|ors or lre Way |r Wr|cr |l car oe used.
You HU8T:
Repay ex|sl|rg deol, |rc|ud|rg lre ex|sl|rg rorlgage
You 6an:
a|e ore rprovererls
F|rarce Regu|ar L|v|rg Experses
Ease ea|lrcare Cosls
Ta|e a Tr|p lo 3oreWrere You've |Ways warled lo 0o
0|ve 0|lls lo Your Far||y ard Fr|erds
l a|rosl seers loo good lo oe lrue. Trere are, roWever, as W|lr everylr|rg lrese days, cosls |rvo|ved.
Trere |s ar or|g|ral|or lee, c|os|rg cosls, a serv|c|rg lee, rorlgage |rsurarce, ard |rleresl. Trese cosls
core lror lre proceeds ol lre |oar. You pay very ||tt|e /|rect|y out of your pocket.
You srou|d a|so |roW lral you cannot |ose your home al ary l|re dur|rg lre ||le ol lre |oar lor la||ure lo
ra|e payrerls. ThERE ARE N0 PAYHENT8 T0 HAKE. Tre |oar does rol core due url|| you
perrarerl|y |eave lre rore or lre |asl oorroWer d|es. Tre rore rusl oe |epl up lo reasorao|e
slardards, |l rusl oe |rsured, ard lre properly laxes rusl oe pa|d.
0elau|l r|s| |s ore ol lre Ways |r Wr|cr a reverse rorlgage d|llers lror a lrad|l|ora| rorlgage or rore
equ|ly |oar. w|lr lrose lrad|l|ora| producls lrere |s a r|s| ol delau|l ard lrerelore a crarce you cou|d |ose
your rore. 0r lre olrer rard, lrere are ro payrerls lo ra|e W|lr a reverse rorlgage. Trerelore, as
|org as lre properly |s |epl lo a reasorao|e slardard, you W||| a|Ways rave soreWrere lo ||ve.
r add|l|or, you car rever oWe rore lrar lre va|ue ol your rore. Ever |l you rave oeer pa|d rore lrar
your rore |s Worlr, you car or|y oWe lre va|ue ol your rore. wrer lre |oar cores due, you or your
re|rs car e|lrer pay oll lre |oar W|lr ex|sl|rg lurds or se|| lre rouse |r order lo sal|sly lre |oar. Excess
proceeds lror lre sa|e go lo your or your eslale. l you sl||| rave douols, crec| lr|s: Reverse orlgage
Lerders 0|recl
Crec| rllp://reverserorlgage|erdersd|recl.cor lor rore |rlorral|orl