The Consumer’s Guide to Reverse Mortgages Welcome to LeaderOne, our goal is to help inform you of the options that are available to you through Reverse Mortgages, so you can make an informed decision about whether a Reverse Mortgage could benefit your lifestyle.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
The Consumer’s Guide to Reverse MortgagesWelcome to LeaderOne, our goal is to help inform you of the options that are available to you through Reverse Mortgages, so you can make an informeddecision about whether a Reverse Mortgage could benefit your lifestyle.
Welcome toThe Consumer’s Guide to Reverse Mortgages
What is a Reverse Mortgage?
The 6 Basic Steps of a Reverse Mortgage
Reverse Myth’s Debunked
The Top Ten Facts About Reverse Mortgages
Hear What They’re Saying!
Contact Us
What is a Reverse Mortgage?
A Reverse Mortgage is a loan program designed to help homeowners 62 and older turn some of their home equity into cash.
What are the Benefits?
What are the Borrowers Responsibilties?
When you obtain a Reverse Mortgage you will retain the title to your home, even if you use all of the funds allowed.
The money you receive from your Reverse Mortgage can be used for anything!
A Reverse Mortgage will not affect Social Security or Medicare benefits.
You must pay the property taxes andinsurance You must keep the property maintained and continue to live in it as your primary residence When you move out of your home, the loan must be repaid. Generally, the home is sold by the homeowner/heirs and is used to pay off the existing loan
The 6 Basic Steps of a Reverse Mortgage!
From application to funding, the average time is 30-45 days.
Contact Your Reverse Mortgage BankerThis step allows you to have your questions answered by a Reverse Mortgage banker whose specialty is the Reverse Mortgage. At this
time your LeaderOne Reverse Mortgage banker will put a quote together specifically for you and discuss the options with you.
Reverse Mortgage CounselingHUD requires that you complete independent reverse mortgage counseling to ensure that you understand the reverse mortgage program and the options available to you. This is a onetime session of about an hour.
Submit an ApplicationWhen you are ready to proceed with a Reverse Mortgage, your LeaderOne Mortgage Banker will print an application
package. The disclosures need to be signed and dated. This process allows you, the customer, to ask further questions.
Underwriting ProcessOnce the appraisal and title work is complete, our FHA-approved underwriters will review the file. At this point, the file may be cleared for closing or the underwriter may request more information before making a decision to approve or deny the loan.
The Closing ProcessThe final loan documents and disclosures are signed in the
presence of a notary. This may take place at the title company or in the comfort of your home, if you choose.
FundingThe funding takes place on the 4th business day after the closing. The loan is complete and funds requested at closing will be made available.
of Reverse Mortgages
The Myth’s
Fact- The senior retains their title as long as it is their principal residence,the home is maintained and you pay taxes and insurance. Even if you use all the funds!
The bank owns your home once you get a reverse Mortgage
Myth #1
Fact- When a senior moves out of the home, the loan must be repaid. The home is sold by the homeowner and is used to pay-off the existing loan!
When the Reverse Mortgage expires, the bank will sell my home
Myth #4
Fact- Seniors with an outstanding first mortgage may qualify for a Reverse Mortgage.
The home must be completely owned to
qualify
Myth #2
Fact- A Reverse Mortgage will NOT affect Social Security or Medicare benefits. Though it may affect Medicaid, Supplemental Security Income or other government benefits based of your Financial resources.
The money I receive will affect my Social Security
and my Medicare benefits
Myth #6
Fact- Seniors can use their money for ANYTHING.
The Sky is the limit!
There are ONLY certain things I can use my Reverse money for
Myth #3
Fact- There are: No Credit No Income No Employment Requirements!
There are a bunch of qualifying factors
Myth #5
The Facts!
Top Ten Facts of Reverse Mortgages
A Reverse Mortgage is designed to convert your home equity into cash without having to sell your home! The proceeds are generally tax-free. *
A Reverse Mortgage allows you to take the proceeds as a lump sum, leave some or all in a line of credit, or receive monthly cash advances.
There are NO income, NO credit score, and NO employment requirements to qualify!
A Reverse Mortgage will NOT affect Social Security or Medicare benefits. Though it may affect Medicaid, Supplemental Security Income or other government bene-fits based of your financial resources
With a Reverse Mortgage, as long as you live in your home, you will retain your title to your home, even if you use all of the available cash proceeds! Refer to number 9*
The money received from a Reverse Mortgage can be used for anything you like!
When you move out of your home, the loan must be re-paid. The home is sold by the homeowner/heirs and is used to pay off the existing loan.
A Reverse Mortgage could even be used to purchase a new home, that is better suited to your needs!
You will continue to live in your own home, as long as it is your principal residence, the home is maintained and you pay taxes and insurance.
You may still qualify if you have a remaining mortgage balance, the balance will be paid off with the Reverse Loan proceeds.
For homeowners that are 62 years or older, here are some facts that will help clear up some of the misconceptions about Reverse Mortgages.
Hear What They Are Saying!
“Your knowledge of what to do and what you need and do not need it is incredible. I will highly recommend you to anyone
that is looking for a lending institution.”
“You were very helpful in explaining things that were confusing to me. You were also very patient when I asked the same question more than once! :)”
“You have great patience with explaining everything, and making it easy to understand. I felt you were
looking at everything for my best interest...”
“I appreciate the commitment. You did not put our file down until you figured it out. Most people do not go above and
beyond, but you did.”
“I appreciated how I was told the truth about
my situation since the beginning. It helped me deal with the problems instead of guessing for
solutions.”
“I appreciated you taking care of everything. You handled
everything so quickly. I also loved that if there was a problem you
had an answer to fix it.”
Thank you for taking the time to learn more about Reverse Mortgages! If you have any
questions or just want to learn more about your unique sitiutaion, don’t hesistate to reach out.
My contact information is below!
Vaughn C. Kavlie, CMPSReverse Mortgage Specialist
LeaderOne Financial Corporation NMLS 284345
701 4th Ave S. #1500 Minneapolis, MN 55415
[email protected]/vaughnkavlie
LeaderOne Financial Corporation is Regulated by the Minnesota Department of Commerce, License # MN-MO-12007 Licensed by the Iowa Division of Banking, license # 2008-0122. Licensed by the Wisconsin Department of Financial Institutions, License # 43800BA. Licensed by the Florida Office of Financial Regulation # MLD466. LeaderOne Financial Corporation 11020 King Street, Suite 390; Overland Park, KS 66210, NMLS ID #12007 www.nmlsconsumeraccess. org This advertisement does not constitute a loan approval or a loan commitment. Loan approval and/or loan commitment is subject to final underwriting review and approval.
Direct (612) 619-3971
Related Documents
