Company Profile...

Texas Reverse Mortgage Information

King Cole
Reverse Mortgage Specialist, NMLS #403273
Angela Thomas
Senior Loan Processor
iReverse Home Loans, LLC,  NMLS #810502
(800) 486-8786 ext. 862 Toll Free
(512) 264-2115 Local
(866) 728-1797 Fax

www.ireverse.com/kcole

Retire in the comfort of your home with a Senior Equity Reverse Mortgage!

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A Texas reverse mortgage can be an effective tool for giving seniors additional cash to live on using the equity in their home. However, it is not a decision to be taken lightly. It's important to work with an experienced originator who can help you assess your unique situation to determine if a reverse mortgage is right for you.

Who can benefit frm knowing more about Reverse Mortgages?

* Seniors looking for extra cash for living, healthcare needs, and education.
* Adult children looking to help their senior parents get in a better financial situation.

Reverse mortgages can give retirees the financial self-sufficiency necessary to stay at home and live independently. They are financial tools that help seniors supplement their retirement income by turning a portion of the equity in their home into tax-free income.

Seniors don’t have to make reverse mortgage payments until loan termination, and they can stay in their homes as long as they wish.¹ With a reverse mortgage, seniors always retain the title to their homes and are never forced to move. And, when the loan is due, the only amount owed is the appraised value of the home, never any more.

What Can They Do With The Money?

One key benefit of a reverse mortgage is the ability for seniors to use the funds how they want. Some people choose a reverse mortgage to eliminate monthly mortgage payments and help pay unexpected expenses. They can also:

• Pay for medical care, prescription drugs and in-home care
• Make home improvements and repairs
• Modify their home for better accessibility
• Travel to visit family and friends
• Contribute to a grandchild’s college education

Who’s Eligible?

To Be eligible:

• All borrowers must be the titleholder(s) of the property, with a maximum of three titleholders
• All borrowers must be age 62 or older
• The borrowers must own an eligible property type

The existing mortgage balance must be paid off at closing. They can choose to pay off the balance with funds from the reverse mortgage or another source.

Approval for a Senior Equity Reverse Mortgage^® is easier than you may think. While there are no income or credit score requirements, there are a few specific eligibility requirements for a reverse mortgage program.

To qualify for a reverse mortgage:

• You and all other borrowers (maximum of three) must be the titleholder(s) of the property
• You and all other borrowers must be age 62 or older
• Your existing mortgage balance must be paid off at closing. You can choose to pay off the balance with funds from the reverse mortgage or another source
• Your home must be an eligible property type

What’s an eligible property type?

• Single family home
• 2–4 unit multi-family home (one unit must be your primary residence)
• Condominium
• Planned unit development
• Modular home
• Manufactured home (available only with Home Equity Conversion Mortgage)
• Located in an eligible state (Senior Equity Reverse Mortgage^® products are not offered in all states)

Ineligible properties include a cooperative (co-op) or mobile home.

When a Reverse Mortgage May Not Be Right For You

It’s important to understand situations in which a reverse mortgage may not be the best solution for your needs. Here are some reasons why a reverse mortgage may not be right for you:

• You’re considering moving within a few years
• You want to leave your home to your heirs, and they will not or cannot pay back the loan with other funds or financing
• You’re looking for funds to invest

Alternatives to Consider

Once you research reverse mortgages and discuss them with family and advisors, you may conclude one isn’t quite right for you. There are alternatives that may be better, such as:

• Mortgage refinancing: There are generally three reasons to refinance your existing mortgage: to lower your monthly payments, to pay off your mortgage faster and to take cash out of the equity in your property.
• Home equity loan or line of credit: These products borrow against the value of the home. A loan is distributed in a lump sum and a line of credit can be drawn upon as needed within a specific draw period.
• Personal loan: Personal loans are unsecured, meaning no collateral is required. Interest rates are typically higher than other types of financing options.

Please note that unlike reverse mortgages, the options listed above have income and credit score requirements and must be paid back in monthly payments within a specified time period.

For more information, please call King Cole at 512.264.2115 or complete the Request for Information form below.

King Cole, Branch Manager

NMLS #403273
Reverse Mortgage Division
Network Funding, LP NMLS #2297
Branch # 91050
20208 Auger Cove |Spicewood, TX 78669
Tel: 512-264-2115

COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO:

THE DEPARTMENT OF SAVING AND MORTGAGE LENDING

2601 NORTH LAMAR, SUITE 201

Austin, TX 78705

A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT: 1-877-276-5550

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified reverse mortgage specialist, attorney, accounting or financial advisor for professional advice.
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