Reverse Mortgage - Seniors Financial Security

FEQUENTLY ASKED QUESTIONS

What is a Reverse Mortgage?

A reverse mortgage allows homeowners 62 year of age and older to covert part of their home equity into cash.

	No monthly payments or repayment is required as long as the borrower owns and lives in the home.
	There are no income, asset, credit, or medical requirements.
	The homeowner retains title and ownership of the home.
	Cash advances can be used for any purpose.

What can I use the money for?

	You can use the money for any thing you want. Every day living expenses.
	Pay off debts or mortgage
	Property / Home insurance
	Medical expenses or in-home care
	Home repairs
	Financial planning

How can I qualify?

	Any homeowner who is 62 years or older.
	Homeowner must be living in the home.

How much money can I get?

The amount you can get depends on:

	Your age
	The value of your home
	Current Interest Rates
	The HUD loan limit in your area

How do I receive my money?

The choice is yours, you can receive your money any of the following ways:

	As a Lump Sum at the closing of the loan.
	As a Monthly Cash Payment.
	As a Line of Credit
-OR-
	Any combination of the above options.

When do I pay it back?

When the last surviving spouse dies, sells the home or permanently moves away for 12 months in a row.

Are Reverse Mortgages Safe?

	Reverse Mortgages are insured by the U.S. Dept. of HUD and Fannie Mae.
	Payments to borrowers are guaranteed by the U.S. government.
	They are only available through HUD Approved lenders.
	Independent HUD counseling is required prior to application.
	Does not affect Social Security or Medicare benefits*.

How do I apply for a Reverse Mortgage?

                                         First you must obtain a counseling certificate from a HUD Approved Counseling Agency
                                        (we will supply you with a list of counselors and they phone numbers). After you complete
                                        counseling, a reverse mortgage specialist from Community Central Bank will help you complete
                                        the application and get the process start and will personally follow it though to completion, the
                                        whole process should be completed in approximately 30 to 45 days.

Who do I contact first?

If you would like more information about Reverse Mortgages, or if you would like an appointment
to make an application call: (800) 707-5874 ext. 1442

* SSI and Medicaid benefits may be affected. Get professional advice.