Reverse Mortgages are a Smart Retirement Product for Those Who Qualify

Reverse Mortgages are a Smart Retirement Product for Those Who Qualify

• Supplement monthly income
• Eliminate mortgage and other debt
• Comfort of having a “standby” cash reserve
• Fund home repairs and improvements
• No monthly loan repayments required +

Reverse Mortgage Facts

• Average of 5,000 Reverse Mortgages are funded every month
• More than 800,000 Reverse Mortgages issued since 1990*
• 95% customer satisfaction**
• 80% of borrowers would recommend a Reverse Mortgage to friends and family***

Do You Qualify? Eligibility Criteria

• You and any other owners of the home (such as a spouse) must be at least 62 years of age.
• This home must be your principal place of residence.
• You must not be delinquent on any federal debt.
• You must discuss the program with a HUD approved counselor from a HUD approved agency.

Reverse Mortgage Programs
	This could be the perfect time to initiate  or refinance a reverse mortgage. New government legislation means senior homeowners can now get even more money from their reverse mortgages so they can get more out of life and retire better. Even if you have an existing mortgage, you may be able to refinance and take advantage of

Is a Reverse Mortgage a Good 

Option for Me?

Reverse mortgages are a smart retirement option for those who qualify:     Homeowner must be 62 or older     Your house is your primary residence     Not delinquent on any federal debt     You must discuss the program with a HUD counselor this opportunity. New higher lending limits may mean more money to you. New lower closing costs may save you money and our lenders low interest rates qualify you for more funds. There are many reverse mortgage programs available today, however, the most common and trusted reverse mortgage is the HECM – Home Equity Conversion Mortgage, which is insured by FHA/HUD. We offer reverse mortgages from a variety of lenders enabling us to best meet your needs depending on your individual circumstances. Just as no two individuals are alike, nor are any two reverse mortgages. This is why we choose to specialize to Florida homeowners and give each senior our personalized service.

• Fixed-Rate Home Equity Conversion Mortgage Lock in an interest rate for the entire life of your loan and take 100% of your funds at closing with a fixed-rate Home Equity Conversion Mortgage (HECM). With this government-insured loan, you will always know exactly how much interest is accruing on your reverse mortgage—and eliminate any worry that the rate may increase. • Adjustable-Rate Home Equity Conversion Mortgage The adjustable-rate Home Equity Conversion Mortgage (HECM) is also government insured—but may provide you with greater flexibility, because it generally provides more options for you to receive your reverse mortgage proceeds (e.g., as a line of credit, monthly payment, lump sum, or a combination of these). And the adjustable-rate HECM may be offered at lower interest rates. • Home Equity Conversion Mortgage for Purchase A Home Equity Conversion Mortgage (HECM) for Purchase helps you purchase a home by taking out a reverse mortgage on that home. It's applicable for the purchase of a one- to four-family dwelling unit, to be occupied as a principal residence only. It could help you move to a home that will better fit your future needs. • Refinancing One of the most often asked questions about reverse mortgages is: can they be refinanced? The answer is yes. And in fact, refinancing can be a useful option if your home increases in value—making more equity available for you to access. Refinancing has been popular due to the recent higher limits from government legislation and the stimulus package.

 In the President's State of the Union address, he told homeowners that if they refinanced at today's historically low rates, they could save up to $3,000. This statement can be found in the State of the Union transcript - http://www.whitehouse.gov/the-press-office/2012/01/24/remarks-president-state-union-address. Additionally, homeowners who refinance from 30 year fixed mortgages to 15 year fixed mortgages can save up to $145,000. Further information for this can be found at http://www.nytimes.com/2011/08/21/realestate/exploring-the-15-year-loan-for-refinancing-mortgages.html

LowerMyBills, Inc. is not acting as a lender or broker. The information provided by you to LowerMyBills is not an application for a mortgage loan, nor is it used to pre-qualify you with any lender. If you are contacted by a lender or broker advertising within our network, your quoted rate may be higher depending on your property location, credit score, loan-to-value ratio, debt-to-income ratio, and/or other factors. LowerMyBills does not offer its matching services in all states. This loan may not be available for all credit types, and not all service providers in the LowerMyBills network offer this or other products with interest-only options.

Interested consumers may receive information on a variety of financial services products, including but not limited to, refinance, reverse mortgages and home equity line of credit. Reverse mortgagesallow eligible homeowners, 62 and older, with home values up to $625,000, to convert home equity into income. Federal law requires lenders to provide HUD-approved third party counseling prior to processing any Reverse Mortgage applications. Consumer and property qualification requirements apply. Reverse Mortgages not available for all consumers.