SlideShare uma empresa Scribd logo
1 de 24
Baixar para ler offline
Answers to your reverse
mortgage questions


Presented by
Presented by
<RMC Name>
Tim D. Allen, CMB
Reverse Mortgage Consultant
Reverse Mortgage Consultant
MetLife Bank
MetLife Bank
Would you like to live better today, and be more
            prepared for the future?
        A reverse mortgage could help...




                                                   2
What you should know

• Reverse mortgages are an important financial option
• Reverse mortgages can be an important part of living with less
  worry and fewer restraints
• It’s to your advantage to get all the facts so you can make an
  informed decision




                                                                   3
What is a reverse mortgage?

 A reverse mortgage can help many seniors with their financial needs:
 • A loan that allows homeowners age 62+ to tap into their home equity
 • You can use the proceeds for what you need
 • It is not advisable to use reverse mortgage proceeds to make a
   financial investment since the costs of the loan may exceed the
   investment return
 • You can even use a reverse mortgage
   to purchase a single-family home to be
   occupied as your principal residence*




 *HECM for Purchase program, rates, fees, terms, and conditions are not available in all states and are subject to change.
                                                                                                                             4
Reverse mortgage facts

• You continue to live in and own your home
• The bank makes payments to you—that’s why it’s called a “reverse”
  mortgage
• You remain responsible for property taxes, homeowner’s insurance,
  and maintenance of the home, but you do not make monthly mortgage
  payments; interest still accrues on the
  portion of the loan amount disbursed
• Your loan does not need to be repaid
  until the last borrower permanently
  moves out or passes away, as long
  as the terms of the loan have been met
• There are no income qualifications


                                                                      5
Home Equity Conversion Mortgages (HECMs)

• The vast majority of all reverse mortgages are HECMs
• Federally insured—when the loan becomes due, HUD will pay
  the lender any shortfall between sale proceeds and amount owed,
  provided that the sale is an arm’s length transaction in accordance
  with HUD guidelines
• Variable rates are tied to an
  established index—fees and
  interest rate margins are
  capped for your protection
• Available as a HECM Standard
  or HECM Saver to meet a
  variety of needs

                                                                        6
A MetLife Bank HECM Standard

• Allows you to borrow the maximum amount
  of money available to you from a HECM
  reverse mortgage
• Requires higher up-front costs as
  compared to our HECM Saver




                                            7
A MetLife Bank HECM Saver

A lower-cost reverse mortgage, as compared to our HECM Standard:
• Required up-front costs are greatly reduced—
  this may save you thousands of dollars,
  depending on your home’s value
• Maximum amount of money that can be
  borrowed is less than with our HECM Standard,
  but the lower up-front costs of our
  HECM Saver may make it an attractive option




                                                                   8
HECM Standard vs. HECM Saver




                               9
HECM for Purchase

• Designed to help you purchase* a home using the proceeds from
  a reverse mortgage on that home
• You can be qualified, regardless of income or credit history
• One transaction with one closing
  simplifies the process
• Only applicable for the purchase of
  a single-family-unit dwelling to be
  occupied as your principal residence




 *Program, rates, fees, terms, and conditions are not available in all states and are subject to change.

                                                                                                           10
Who is eligible to apply?

 To qualify for a reverse mortgage, you must:
 • Be age 62 or older
 • Own your home—if you have an existing mortgage, your reverse
   mortgage proceeds will first be used to pay off any existing mortgages
 • Live in your home as your principal
   residence
 • Meet U.S. Department of Housing
   and Urban Development (HUD)
   minimum property standards




                                                                        11
How does the program work?

• You choose how you want to receive your funds:
  – Single lump sum of cash
  – Monthly income for as long as you live in your home or,
    if you prefer, for a specified time period
  – Line of credit you draw on as needed
  – Any combination of these
• Closing costs can be rolled into the loan
• You continue to live in and retain the title to your home while you use
  your reverse mortgage proceeds, as long as the terms of the loan are
  met
• When you leave the home, you or your heirs repay the loan, including
  accrued interest on the money you took and any accumulated monthly
  servicing fees, mortgage insurance premium, and origination fees (if
  applicable)
                                                                            12
How much can you get?

The amount you can borrow depends on:
• Your age
• The type of reverse mortgage you select
• Current interest rates
• Location of your home
• Appraised value of your home
• Federal Housing Administration
  (FHA) lending limits




                                            13
How can you use the funds?

 • Pay your monthly bills
 • Fix up your home
 • Pay for prescriptions and healthcare
 • Retire your existing mortgage
 • Make a major purchase or
   needed expenditure
 • Help your children or grandchildren
 • However, it is not advisable to use
   reverse mortgage proceeds to make
   a financial investment, since the
   costs of the loan may exceed the
   investment return



                                          14
What about your government benefits?

• Reverse mortgage funds usually do not affect regular Social Security
  or Medicare benefits
• Needs-based benefits, such as Medicaid and Supplemental Security
  Income (SSI), may be affected
• Contact a tax professional about your particular situation




                                                                         15
When does the loan become due?

• All borrowers permanently move out of the home,
  or don’t live in it for 12 months
 OR
• You sell the home
 OR
• The last surviving borrower passes away
  OR
• You fail to pay taxes or homeowner’s insurance,
  or to maintain the home
 OR
• Other conditions of the term have not been met



                                                    16
What about your heirs?

• The loan can be repaid by selling the property, refinancing, or using
  other assets—the choice is up to you or your heirs
• Any sale proceeds in excess of the loan balance belong to you or
  your heirs
• The lender can never claim from
  you or your estate more than the
  fair market price received if you
  sell the home—even if the loan
  balance exceeds the fair market
  value at the time of sale—provided
  that the sale is an arm’s length
  transaction in accordance with
  HUD guidelines

                                                                          17
A review of the facts

 • FACT: The bank will not own your home—you continue to be
   responsible for paying property taxes, homeowner’s insurance,
   any home maintenance, and the terms of the loan as agreed
 • FACT: You do not need to make monthly mortgage payments—
   interest accrues on the portion of the loan amount disbursed
 • FACT: There is no income qualification
 • FACT: Your Social Security and Medicare benefits will generally
   not be affected




                                                                     18
Required independent counseling

• Ensure that you have the information you need to make the reverse
  mortgage decisions that are right for you
• HUD-approved counselors are available nationwide and locally—
  you can meet face-to-face or receive your counseling by phone,
  it is your choice; you will be presented with a list of local and
  nationwide HUD-approved counselors for you to choose from*
• Counseling is regulated for your protection, and required before
  you can apply for a HECM reverse mortgage
• The service is designed to help you review your alternatives,
  consider the financial implications, and more


 *Counselors are not employed by MetLife Bank; therefore, your MetLife Bank reverse mortgage consultant or any other associate of MetLife Bank
 cannot provide guidance on the selection or scheduling of counseling appointments.

                                                                                                                                                 19
Why MetLife Bank

 • MetLife Bank is a MetLife company
     – For more than 140 years, MetLife has been helping
       individuals and families
     – MetLife is a trusted name in the financial services industry
 • Reverse mortgage professionals to help with every
   step of the process
 • Identity Theft Resolution Services, currently at no
   additional charge*




 *Identity Theft Resolution Services are provided by Identity Theft 911®.



                                                                            20
Identify Theft Resolution Services

• MetLife Bank is among the first to offer this service to reverse mortgage
  customers
• One-on-one assistance should you become an identity theft victim
• Help in restoring your credit and regaining control of your identity
• Ongoing monitoring services to watch for recurrences




Identity Theft Resolution Services are provided by Identity Theft 911®.

                                                                          21
The next step is up to you

 I can help you with all of the process steps:
 • Answering your questions
 • Providing you with a list of HUD-approved local and nationwide
   independent counselors so that you can set up your independent
   counseling
 • Completing your application
 • Preparing for your closing


  Let’s start with an informal
  conversation



                                                                    22
For more information

 Call me at any time:


 Tim D. Allen, CMB
 <RMC Name>
 <RMC Phone Number>
 239-571-5440


 I’m here to help!




                        23
Thank you for your time



All loans are subject to property approval. Certain conditions and fees apply. Mortgage financing
provided by MetLife Home Loans, a division of MetLife Bank, N.A., Equal Housing Lender.
© 2010 METLIFE, INC. R1010134251[exp1011][All States][DC]
© 2008 PNTS



                                                                                                    24

Mais conteúdo relacionado

Mais procurados

Your reverse mortgage guide
Your reverse mortgage guideYour reverse mortgage guide
Your reverse mortgage guideMichael Pinter
 
Becoming A Homeowner
Becoming A HomeownerBecoming A Homeowner
Becoming A HomeownerEHamiltonHMC
 
Reverse Mortgage Presentation
Reverse Mortgage PresentationReverse Mortgage Presentation
Reverse Mortgage PresentationKeesha Taylor
 
HECM for Purchase Reverse Mortgage
HECM  for Purchase Reverse MortgageHECM  for Purchase Reverse Mortgage
HECM for Purchase Reverse Mortgagedean810
 
Reverse Guide 2009
Reverse Guide 2009Reverse Guide 2009
Reverse Guide 2009alfies
 
FHA HECM Loan For Purchase
FHA HECM Loan For PurchaseFHA HECM Loan For Purchase
FHA HECM Loan For PurchaseMarcRosso
 
Strategy for Real Estate Professionals
Strategy for Real Estate ProfessionalsStrategy for Real Estate Professionals
Strategy for Real Estate ProfessionalsVantage Point Bank
 
A Securities-Backed Line of Credit for Real Estate Investors
A Securities-Backed Line of Credit for Real Estate InvestorsA Securities-Backed Line of Credit for Real Estate Investors
A Securities-Backed Line of Credit for Real Estate Investorsdw_stafford
 
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?Secured Loan Vs. Unsecured Loan - Which One Is Better For You?
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?Hero FinCorp
 
New home buying seminar riddell and duncan
New home buying seminar riddell and duncanNew home buying seminar riddell and duncan
New home buying seminar riddell and duncanswbcmarketing
 
Securities Based Line Of Credit
Securities  Based Line Of CreditSecurities  Based Line Of Credit
Securities Based Line Of CreditTenzer
 
Reverse Mortgage Overview Greg Mc Dermott 9 09
Reverse Mortgage Overview Greg Mc Dermott 9 09Reverse Mortgage Overview Greg Mc Dermott 9 09
Reverse Mortgage Overview Greg Mc Dermott 9 09ReverseSage
 
Reverse for purchase for Realtors ppt 8 8-2019
Reverse for purchase for Realtors ppt 8 8-2019Reverse for purchase for Realtors ppt 8 8-2019
Reverse for purchase for Realtors ppt 8 8-2019Jack Benke
 
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb ljhomeworkping8
 

Mais procurados (20)

Your reverse mortgage guide
Your reverse mortgage guideYour reverse mortgage guide
Your reverse mortgage guide
 
Reverse Mortgage Purchase
Reverse Mortgage PurchaseReverse Mortgage Purchase
Reverse Mortgage Purchase
 
Hecm Reverse Mortgage Pesentation
Hecm Reverse Mortgage PesentationHecm Reverse Mortgage Pesentation
Hecm Reverse Mortgage Pesentation
 
Becoming A Homeowner
Becoming A HomeownerBecoming A Homeowner
Becoming A Homeowner
 
HECM 4 PURCHASE INTRO BROCHURE
HECM 4 PURCHASE INTRO BROCHUREHECM 4 PURCHASE INTRO BROCHURE
HECM 4 PURCHASE INTRO BROCHURE
 
Reverse Mortgage Slide Show
Reverse Mortgage Slide ShowReverse Mortgage Slide Show
Reverse Mortgage Slide Show
 
Reverse Mortgage Seminar
Reverse Mortgage SeminarReverse Mortgage Seminar
Reverse Mortgage Seminar
 
Reverse Mortgage Presentation
Reverse Mortgage PresentationReverse Mortgage Presentation
Reverse Mortgage Presentation
 
HECM for Purchase Reverse Mortgage
HECM  for Purchase Reverse MortgageHECM  for Purchase Reverse Mortgage
HECM for Purchase Reverse Mortgage
 
Reverse Guide 2009
Reverse Guide 2009Reverse Guide 2009
Reverse Guide 2009
 
Understanding HECM Brochure
Understanding HECM BrochureUnderstanding HECM Brochure
Understanding HECM Brochure
 
FHA HECM Loan For Purchase
FHA HECM Loan For PurchaseFHA HECM Loan For Purchase
FHA HECM Loan For Purchase
 
Strategy for Real Estate Professionals
Strategy for Real Estate ProfessionalsStrategy for Real Estate Professionals
Strategy for Real Estate Professionals
 
A Securities-Backed Line of Credit for Real Estate Investors
A Securities-Backed Line of Credit for Real Estate InvestorsA Securities-Backed Line of Credit for Real Estate Investors
A Securities-Backed Line of Credit for Real Estate Investors
 
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?Secured Loan Vs. Unsecured Loan - Which One Is Better For You?
Secured Loan Vs. Unsecured Loan - Which One Is Better For You?
 
New home buying seminar riddell and duncan
New home buying seminar riddell and duncanNew home buying seminar riddell and duncan
New home buying seminar riddell and duncan
 
Securities Based Line Of Credit
Securities  Based Line Of CreditSecurities  Based Line Of Credit
Securities Based Line Of Credit
 
Reverse Mortgage Overview Greg Mc Dermott 9 09
Reverse Mortgage Overview Greg Mc Dermott 9 09Reverse Mortgage Overview Greg Mc Dermott 9 09
Reverse Mortgage Overview Greg Mc Dermott 9 09
 
Reverse for purchase for Realtors ppt 8 8-2019
Reverse for purchase for Realtors ppt 8 8-2019Reverse for purchase for Realtors ppt 8 8-2019
Reverse for purchase for Realtors ppt 8 8-2019
 
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj
129666457 114436510-internship-report-on-loan-deposit-policy-of-hb lj
 

Semelhante a MetLife Reverse Mortgage Presentation

Pp Tconsumer
Pp TconsumerPp Tconsumer
Pp Tconsumertexasdan
 
Reverse Mortgage
Reverse MortgageReverse Mortgage
Reverse Mortgagetexasdan
 
Reverse Mortgage Refinance Presentation
Reverse Mortgage Refinance PresentationReverse Mortgage Refinance Presentation
Reverse Mortgage Refinance PresentationCarlos Camargo
 
Reverse mortgage presentation_7_11
Reverse mortgage presentation_7_11Reverse mortgage presentation_7_11
Reverse mortgage presentation_7_11James Stout
 
Reverse Mortgage Seminar
Reverse Mortgage SeminarReverse Mortgage Seminar
Reverse Mortgage Seminarguestdc57d53
 
Reverse Mortgage Seminar
Reverse Mortgage SeminarReverse Mortgage Seminar
Reverse Mortgage SeminarTerry Cronin
 
THE NEW- REVERSE MORTGAGE
THE NEW- REVERSE MORTGAGETHE NEW- REVERSE MORTGAGE
THE NEW- REVERSE MORTGAGEBernie Ockrim
 
Sharon 2013 first home buyer presentation sharon andrews
 Sharon 2013 first home buyer presentation sharon andrews Sharon 2013 first home buyer presentation sharon andrews
Sharon 2013 first home buyer presentation sharon andrewsSharon Andrews
 
Advisor Reverse Mortgages Presentation Final 1.14
Advisor Reverse Mortgages Presentation Final  1.14Advisor Reverse Mortgages Presentation Final  1.14
Advisor Reverse Mortgages Presentation Final 1.14Joe Conrad
 
Reverse Mortgage Power Point
Reverse Mortgage Power PointReverse Mortgage Power Point
Reverse Mortgage Power PointJacob Navas
 
Reverse Mortgage Purchase Loans
Reverse Mortgage Purchase LoansReverse Mortgage Purchase Loans
Reverse Mortgage Purchase LoansBarry A. Duffey
 
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docx
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docxReverse Mortgage For 62 and Older in Lagos, Nigeria.docx
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docxAlade Ogunwande
 
Reverse Mortgage For Home Purchases[1]
Reverse Mortgage For Home Purchases[1]Reverse Mortgage For Home Purchases[1]
Reverse Mortgage For Home Purchases[1]Carlos Camargo
 
Inlanta mortgage powerpoint
Inlanta mortgage powerpointInlanta mortgage powerpoint
Inlanta mortgage powerpointInlanta Mortgage
 
Everything you wanted to know about reverse mortgages (but were afraid to ask)
Everything you wanted to know about reverse mortgages (but were afraid to ask)Everything you wanted to know about reverse mortgages (but were afraid to ask)
Everything you wanted to know about reverse mortgages (but were afraid to ask)Joe Heale
 

Semelhante a MetLife Reverse Mortgage Presentation (20)

Pp Tconsumer
Pp TconsumerPp Tconsumer
Pp Tconsumer
 
Reverse Mortgage
Reverse MortgageReverse Mortgage
Reverse Mortgage
 
Reverse Mortgage Refinance Presentation
Reverse Mortgage Refinance PresentationReverse Mortgage Refinance Presentation
Reverse Mortgage Refinance Presentation
 
Reverse mortgage presentation_7_11
Reverse mortgage presentation_7_11Reverse mortgage presentation_7_11
Reverse mortgage presentation_7_11
 
Reverse Mortgages
Reverse MortgagesReverse Mortgages
Reverse Mortgages
 
Reverse mortgage
Reverse mortgageReverse mortgage
Reverse mortgage
 
Reverse Mortgage Seminar
Reverse Mortgage SeminarReverse Mortgage Seminar
Reverse Mortgage Seminar
 
Reverse Mortgage Seminar
Reverse Mortgage SeminarReverse Mortgage Seminar
Reverse Mortgage Seminar
 
THE NEW- REVERSE MORTGAGE
THE NEW- REVERSE MORTGAGETHE NEW- REVERSE MORTGAGE
THE NEW- REVERSE MORTGAGE
 
Purchasing with a HOME EQUITY CONVERSION MORTGAGE
Purchasing with a HOME EQUITY CONVERSION MORTGAGEPurchasing with a HOME EQUITY CONVERSION MORTGAGE
Purchasing with a HOME EQUITY CONVERSION MORTGAGE
 
Sharon 2013 first home buyer presentation sharon andrews
 Sharon 2013 first home buyer presentation sharon andrews Sharon 2013 first home buyer presentation sharon andrews
Sharon 2013 first home buyer presentation sharon andrews
 
Advisor Reverse Mortgages Presentation Final 1.14
Advisor Reverse Mortgages Presentation Final  1.14Advisor Reverse Mortgages Presentation Final  1.14
Advisor Reverse Mortgages Presentation Final 1.14
 
Reverse Mortgage Power Point
Reverse Mortgage Power PointReverse Mortgage Power Point
Reverse Mortgage Power Point
 
Reverse Mortgage Purchase Loans
Reverse Mortgage Purchase LoansReverse Mortgage Purchase Loans
Reverse Mortgage Purchase Loans
 
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docx
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docxReverse Mortgage For 62 and Older in Lagos, Nigeria.docx
Reverse Mortgage For 62 and Older in Lagos, Nigeria.docx
 
The Mortgage Process
The Mortgage ProcessThe Mortgage Process
The Mortgage Process
 
Reverse Mortgage For Home Purchases[1]
Reverse Mortgage For Home Purchases[1]Reverse Mortgage For Home Purchases[1]
Reverse Mortgage For Home Purchases[1]
 
Inlanta mortgage powerpoint
Inlanta mortgage powerpointInlanta mortgage powerpoint
Inlanta mortgage powerpoint
 
Housing loan
 Housing loan Housing loan
Housing loan
 
Everything you wanted to know about reverse mortgages (but were afraid to ask)
Everything you wanted to know about reverse mortgages (but were afraid to ask)Everything you wanted to know about reverse mortgages (but were afraid to ask)
Everything you wanted to know about reverse mortgages (but were afraid to ask)
 

MetLife Reverse Mortgage Presentation

  • 1. Answers to your reverse mortgage questions Presented by Presented by <RMC Name> Tim D. Allen, CMB Reverse Mortgage Consultant Reverse Mortgage Consultant MetLife Bank MetLife Bank
  • 2. Would you like to live better today, and be more prepared for the future? A reverse mortgage could help... 2
  • 3. What you should know • Reverse mortgages are an important financial option • Reverse mortgages can be an important part of living with less worry and fewer restraints • It’s to your advantage to get all the facts so you can make an informed decision 3
  • 4. What is a reverse mortgage? A reverse mortgage can help many seniors with their financial needs: • A loan that allows homeowners age 62+ to tap into their home equity • You can use the proceeds for what you need • It is not advisable to use reverse mortgage proceeds to make a financial investment since the costs of the loan may exceed the investment return • You can even use a reverse mortgage to purchase a single-family home to be occupied as your principal residence* *HECM for Purchase program, rates, fees, terms, and conditions are not available in all states and are subject to change. 4
  • 5. Reverse mortgage facts • You continue to live in and own your home • The bank makes payments to you—that’s why it’s called a “reverse” mortgage • You remain responsible for property taxes, homeowner’s insurance, and maintenance of the home, but you do not make monthly mortgage payments; interest still accrues on the portion of the loan amount disbursed • Your loan does not need to be repaid until the last borrower permanently moves out or passes away, as long as the terms of the loan have been met • There are no income qualifications 5
  • 6. Home Equity Conversion Mortgages (HECMs) • The vast majority of all reverse mortgages are HECMs • Federally insured—when the loan becomes due, HUD will pay the lender any shortfall between sale proceeds and amount owed, provided that the sale is an arm’s length transaction in accordance with HUD guidelines • Variable rates are tied to an established index—fees and interest rate margins are capped for your protection • Available as a HECM Standard or HECM Saver to meet a variety of needs 6
  • 7. A MetLife Bank HECM Standard • Allows you to borrow the maximum amount of money available to you from a HECM reverse mortgage • Requires higher up-front costs as compared to our HECM Saver 7
  • 8. A MetLife Bank HECM Saver A lower-cost reverse mortgage, as compared to our HECM Standard: • Required up-front costs are greatly reduced— this may save you thousands of dollars, depending on your home’s value • Maximum amount of money that can be borrowed is less than with our HECM Standard, but the lower up-front costs of our HECM Saver may make it an attractive option 8
  • 9. HECM Standard vs. HECM Saver 9
  • 10. HECM for Purchase • Designed to help you purchase* a home using the proceeds from a reverse mortgage on that home • You can be qualified, regardless of income or credit history • One transaction with one closing simplifies the process • Only applicable for the purchase of a single-family-unit dwelling to be occupied as your principal residence *Program, rates, fees, terms, and conditions are not available in all states and are subject to change. 10
  • 11. Who is eligible to apply? To qualify for a reverse mortgage, you must: • Be age 62 or older • Own your home—if you have an existing mortgage, your reverse mortgage proceeds will first be used to pay off any existing mortgages • Live in your home as your principal residence • Meet U.S. Department of Housing and Urban Development (HUD) minimum property standards 11
  • 12. How does the program work? • You choose how you want to receive your funds: – Single lump sum of cash – Monthly income for as long as you live in your home or, if you prefer, for a specified time period – Line of credit you draw on as needed – Any combination of these • Closing costs can be rolled into the loan • You continue to live in and retain the title to your home while you use your reverse mortgage proceeds, as long as the terms of the loan are met • When you leave the home, you or your heirs repay the loan, including accrued interest on the money you took and any accumulated monthly servicing fees, mortgage insurance premium, and origination fees (if applicable) 12
  • 13. How much can you get? The amount you can borrow depends on: • Your age • The type of reverse mortgage you select • Current interest rates • Location of your home • Appraised value of your home • Federal Housing Administration (FHA) lending limits 13
  • 14. How can you use the funds? • Pay your monthly bills • Fix up your home • Pay for prescriptions and healthcare • Retire your existing mortgage • Make a major purchase or needed expenditure • Help your children or grandchildren • However, it is not advisable to use reverse mortgage proceeds to make a financial investment, since the costs of the loan may exceed the investment return 14
  • 15. What about your government benefits? • Reverse mortgage funds usually do not affect regular Social Security or Medicare benefits • Needs-based benefits, such as Medicaid and Supplemental Security Income (SSI), may be affected • Contact a tax professional about your particular situation 15
  • 16. When does the loan become due? • All borrowers permanently move out of the home, or don’t live in it for 12 months OR • You sell the home OR • The last surviving borrower passes away OR • You fail to pay taxes or homeowner’s insurance, or to maintain the home OR • Other conditions of the term have not been met 16
  • 17. What about your heirs? • The loan can be repaid by selling the property, refinancing, or using other assets—the choice is up to you or your heirs • Any sale proceeds in excess of the loan balance belong to you or your heirs • The lender can never claim from you or your estate more than the fair market price received if you sell the home—even if the loan balance exceeds the fair market value at the time of sale—provided that the sale is an arm’s length transaction in accordance with HUD guidelines 17
  • 18. A review of the facts • FACT: The bank will not own your home—you continue to be responsible for paying property taxes, homeowner’s insurance, any home maintenance, and the terms of the loan as agreed • FACT: You do not need to make monthly mortgage payments— interest accrues on the portion of the loan amount disbursed • FACT: There is no income qualification • FACT: Your Social Security and Medicare benefits will generally not be affected 18
  • 19. Required independent counseling • Ensure that you have the information you need to make the reverse mortgage decisions that are right for you • HUD-approved counselors are available nationwide and locally— you can meet face-to-face or receive your counseling by phone, it is your choice; you will be presented with a list of local and nationwide HUD-approved counselors for you to choose from* • Counseling is regulated for your protection, and required before you can apply for a HECM reverse mortgage • The service is designed to help you review your alternatives, consider the financial implications, and more *Counselors are not employed by MetLife Bank; therefore, your MetLife Bank reverse mortgage consultant or any other associate of MetLife Bank cannot provide guidance on the selection or scheduling of counseling appointments. 19
  • 20. Why MetLife Bank • MetLife Bank is a MetLife company – For more than 140 years, MetLife has been helping individuals and families – MetLife is a trusted name in the financial services industry • Reverse mortgage professionals to help with every step of the process • Identity Theft Resolution Services, currently at no additional charge* *Identity Theft Resolution Services are provided by Identity Theft 911®. 20
  • 21. Identify Theft Resolution Services • MetLife Bank is among the first to offer this service to reverse mortgage customers • One-on-one assistance should you become an identity theft victim • Help in restoring your credit and regaining control of your identity • Ongoing monitoring services to watch for recurrences Identity Theft Resolution Services are provided by Identity Theft 911®. 21
  • 22. The next step is up to you I can help you with all of the process steps: • Answering your questions • Providing you with a list of HUD-approved local and nationwide independent counselors so that you can set up your independent counseling • Completing your application • Preparing for your closing Let’s start with an informal conversation 22
  • 23. For more information Call me at any time: Tim D. Allen, CMB <RMC Name> <RMC Phone Number> 239-571-5440 I’m here to help! 23
  • 24. Thank you for your time All loans are subject to property approval. Certain conditions and fees apply. Mortgage financing provided by MetLife Home Loans, a division of MetLife Bank, N.A., Equal Housing Lender. © 2010 METLIFE, INC. R1010134251[exp1011][All States][DC] © 2008 PNTS 24