1. Reverse Mortgage Presentation
Presented By:
Constance Griggs
Elite Mortgage & Financial Services
Working In
Conjunction With Susan Wang From AARP

2. “2” Questions to ask yourself
Are you planning to stay in your home?
Would having more money improve your quality of life and give you peace of mind?

3. Today’s Agenda What is a Reverse Mortgage
“3” Ways to get money out of your home
Issues Seniors Face Today
How Reverse Mortgages Work
How Safe is a Reverse Mortgage
Common uses of a Reverse Mortgage
Borrowers Responsibility
Why Elite Mortgage
Questions & Answers

4. What is a Reverse Mortgage
A Reverse Mortgage is a unique loan that enables senior homeowners (62+) to convert part of the equity in their homes into tax free income without having to sell the home, give up title, or take on a new monthly mortgage payment.

5. “3” ways to get money out of your home
Sell your home- Requires you to move
Take out a forward loan or a line of credit against your home- Requires credit and income qualification and requires monthly payments
Get a Reverse Mortgage-You do not have to move, no credit or income qualifications and no repayment required as long as you live in the home

6. Issues Seniors Face Today
Fixed Incomes
Social Security not enough
Fear of outliving their incomes
Rising costs of healthcare, & prescriptions
Cost of Living (Gas, Groceries, etc.)
Unexpected expenses

7. How Reverse Mortgages Work
Loan against your home-not paid back until one of the following occurs
Move, Sell, or Die
No Restrictions on how you use your money
Benefit determined by the following
Age of youngest borrower on title (minimum of 62 years of age)
Appraised value of home or county lending limit
Current Index Rate
How can you receive your proceeds/benefit
Lump sum of cash
Monthly payments to you
Leave on a Line of Credit
Or a combination of the above options

8. How Safe is a Reverse Mortgage
The Home Equity Conversion Mortgage (HECM) is the safest HUD Mortgage in the United States
You can not outlive the loan
You can never be forced out of your home as long as you pay your property taxes, homeowners insurance & maintain the property
You cannot be made to make any payments as long as you live in your home
Guaranteed by U.S. Department of Housing (HUD)
Insured by FHA if Lender Fails
3rd Party Counseling Required/Mandated
Asset Protection-Non Recourse Loan

9. Common Uses of a Reverse Mortgage
Pay off existing debt (mortgage, credit cards, etc.)
Supplement monthly income
Healthcare cost and prescriptions
Remodeling, home repair, or maintenance
Funds for In Home care
Recreational trips, cruises, vacations, etc
Purchase new vehicle, RV
Create cash reserve ( emergencies)

10. Borrower’s Responsibility
Keep property taxes current
Maintain homeowners insurance
Maintain property in good condition

11. Questions & Answers

12. No obligation Benefits Request Form
Name_____________________ Date of Birth_______________
Property Address:_________________________________________
City:__________________________ Zip:______________________
Phone: (______) ________________ Cell: (____)_______________
Do you have a current Mortgage Yes / No
Estimated Value of Home: ___________________
Best time for us to call you AM / PM
Your request will be processed with in 48 hours
Constance Griggs, VP of Operations (Certified Reverse Mortgage Consultant)
Irene Langenberg, Community Outreach (Coordinating Reverse Mortgages)
** See business card for contact information