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www Lasvegasmtg Com Reverse Mortgage Financial Planner
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  1. 1. Welcome! Its a pleasure to have you here!"All Your Reverse Mortgage Questions Answered!"
  2. 2. Who am I?Greg LenzI used to be a Loan Officer with GMFS Lending based outof Noblesville, In.I started in the mortgage industry in 2007 with AlliedCapital in Scottsdale, Az.I enjoy golf, reading, and the music of Francis AlbertSinatra.
  3. 3. Enough about me!So...what is a reverse mortgage anyway?
  4. 4. Who qualifies for a reverse?Anyone who is:1) 62 or older2) Owns their own home3) Has enough equity4) Property meets FHA guidelines
  5. 5. How does the reverse work?Just like a regular mortgage...except in reverse-There is a lien against your home-No payments = Amount owed grows over time-You receive a portion of the built up equity inyour home
  6. 6. What are my options?Lump Sum:-You will receive all of the cash three days afterclosing in the form of a check or wire transfer-Fixed Rate Program-Youll know exactly how much you owe at alltimes
  7. 7. Line of Credit1) Tenure: set amount of money each monththe rest of your life.2) Term: set amount of money over a certainperiod of time. (For example: $100/mo for 15years)3) Draw: you only draw money as needed.*This is an adjustable rate program
  8. 8. Saver Program-Can be taken as a Lump Sum or Line of Credit-You receive less money-You retain more equity-Lower Fees-Fixed and Adjustable Rate Programs Available
  9. 9. What is the process involved? Steps1) Counseling2) Initial Document Signing3) Appraisal4) Underwriting5) Closing
  10. 10. Frequently Asked Questions
  11. 11. Do I still own my home? YES!
  12. 12. What if my home isnt paid off?You can still qualify based on how much you owe and the homes value To find out how much youll get check out
  13. 13. What happens when I pass away?The property still goes to your heirs!The heirs have 12 months of no payments to decide to sellthe home or they can sign the title of the property over tothe lender.If there is still equity remaining in the property it goes toyour heirs as an inheritance.If the outstanding balance is more than the homes worth,your heirs ARENT responsible for the difference.
  14. 14. Can I ever be kicked out of the home? NO!BEWARE: you are responsible for paying your propertytaxes. If you dont the county can foreclose on yourproperty!
  15. 15. What if my home needs repairs?No problem. One of the great features of the Reverse isthat it allows for "set asides"Set asides allow you to close your loan, but a portion of theproceeds are held back to pay the contractor for any workthat needs to be done to the property.Set asides cant be more than 15% of the homes value. Soon a $100,000 home it cant be more than $15,000.
  16. 16. Can I ever get out of a Reverse? YES!If for whatever reason you want to refinance outof a reverse into a traditional mortgage youabsolutely can.You can also payoff the loan without penalty ifyou decide you want to.
  17. 17. What if I owe more than the home is worth? Not a problem!You will never be kicked out of your home for owing morethan your home is worth.The reverse is insured by the FHA. That insurance protectsyou and your heirs from ever owing more than the value ofthe home.
  18. 18. What does my interest rate mean?Your interest rate determines how much moneyis added to the balance of your loan.For instance if your interest rate is 5% thenyour loan balance would grow 5% each year.
  19. 19. How much will it cost me?There are certain costs associated with a reversemortgage.1) Counseling Session: out of pocket or billed to closing2) Appraisal: out of pocket or billed to closing3) Origination Fee: included in the loan. Not out of pocket4) Mortgage Insurance: included in the loan. Not out ofpocket.5) Title Insurance: included in the loan. Not out of pocket.
  20. 20. What types of homes qualify?-Single Family Homes-FHA Approved Condominiums andTownhomes-Multifamily properties (2-4 units)*All properties must be the borrowers primaryresidence
  21. 21. Reverse Mortgage Secrets-Using a Reverse as a Traditional Mortgage-Self-Employed Reverse Mortgage-The Reverse Purchase-Bankruptcy and Foreclosure
  22. 22. Reverse Mortgage Case Studies
  23. 23. John and Mary Fuller-63 years old-5 years from retirement-Owe $80,000-Home is worth $100,000-Payment is $700 per month-20 years remaining on their mortgageShould they spend $15,000 to get a Reverse?
  24. 24. Ruby Silver-71 Years Old-Home is paid off-Receives $900 per month from Social Security-Receives $350 from deceased husbandspension-Home is worth $75,000 Should Ruby get a Reverse Mortgage?
  25. 25. To download a Free ReverseMortgage Guide and Save $3000+ in fees check


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