13. Frequently Asked Questions Who owns the home? You do. You retain the title and ownership of your home. The bank does not own your home. Can the bank take my home? Will I be forced to sell my home if the money I owe on the loan exceeds the value of my home? No, as long you continue to occupy the home as your primary residence, pay the appropriate taxes and insurance.
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15. Frequently Asked Questions What if the value of my home increases during the mortgage term? No matter if, or how much, your property has appreciated in value, you or your estate are only required to pay back the outstanding balance due on your reverse mortgage at the time the home is sold . Any excess proceeds from the sale of your home belong to you or your estate.
16. Frequently Asked Questions Will receiving my reverse mortgage proceeds in monthly payments affect my Social Security or Medicare benefits? If you opt to receive monthly payments, they will not affect your Social Security or Medicare benefits. However, your monthly eligibility for need-based programs such as Medicaid or state assistance programs may be impacted. We recommend that you consult a tax or legal advisor and your local Area Agency on Aging for advice. We can assist you in researching this and getting the correct information.
17. Frequently Asked Questions What if I decide to sell my home? You always retain the title to your home during the period of your reverse mortgage loan. You can sell your home at anytime and pay off the reverse mortgage with the proceeds and you or your heirs receive the equity.
18. We can help you choose the reverse mortgage financing solution that best fits your individual needs and requirements. 07/11 James Stout Reverse Mortgage Specialist Tel: (954) 993-6150 Fax: (888) 578-9669 3327 NE 32 nd Street, Fort Lauderdale, FL 33308 [email_address] www.EasternTrustLending.com
Editor's Notes
Screen Two Talking Points A Reverse Mortgage can optimize cash flow and promote peace of mind. It can contribute to a more contented and secure retirement. Use the money to supplement your pension or social security income, for home repairs, buying a car, unexpected expenses, even put it toward a new home – whatever you choose. Please Note: The Talking Points in this deck are intended for internal use only and should not be distributed in written form to consumers.
Screen Three Talking Points Over the years, you worked hard to own your home. Now there’s a way to put your home to work for you. A Reverse Mortgage provides the security of knowing you have funds available for planned or unexpected expenses. This kind of loan can never cause you to lose your home. The funds you receive during your loan term, plus interest, do not become due until you sell or vacate your home.
Screen Six Talking Points A Reverse Mortgage gives you flexible access to your home equity. “Term” payments are non-taxable monthly payments for a specified period of time. “Tenure” payments are non-taxable monthly payments for as long as you occupy your home. I can show you payment examples to better illustrate possible payments amounts.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Seven Talking Points You do not need to repay the loan as long as you or one of the borrowers continue to live in the house. You will be responsible for maintaining the property and making necessary home repairs, as well as paying property taxes and homeowners insurance premiums. When you sell or leave your home, the funds you received during your loan term, plus any accrued interest, become due. Any home sale proceeds in excess of the amount you owe belong to you or to your estate.
Screen Eight Talking Points I’ll be happy to meet with you privately to answer your questions and help you choose the best financing solution to achieve your dream. Your HUD-approved counselor will further explain available options and confirm your reverse mortgage eligibility.
Screen Eleven Talking Points A Reverse Mortgage can never cause you to lose your home – even if the total of the payments made to you plus interest and mortgage insurance premiums exceed the value of the property, or if the set term over which you received your payments has expired.
Screen Twelve Talking Points If, at any time, the loan exceeds the value of the property, the repayment amount will be no more than the value of the property. Mortgage insurance will cover any balance due to the lender. No additional financial claims may be made.
Screen Thirteen Talking Points After the loan is repaid, any home sale proceeds in excess of the amount you owe your mortgage lender belong to you or to your estate.
Screen Fourteen Talking Points Under some programs, monthly Reverse Mortgage advances may affect your eligibility, because they increase your liquid assets if you do not spend them within the month they are received. You should consult local program offices to determine how monthly mortgage payments might affect your specific situation.
Screen Fifteen Talking Points Just as with a traditional mortgage, you can sell your home at any time and pay off your reverse mortgage. Any home sale proceeds in excess of the amount you owe your mortgage lender belong to you.
Exit Screen Talking Points Leave this screen up as you take questions and wrap up your presentation.
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