Equity Elite Line of Credit Option - Tim Griffin

Equity Elite Line of Credit Option - Tim Griffin

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Combining the powerful benefits of a HELOC and reverse mortgage into one versatile product

The Equity Elite ® Line of Credit from Reverse Mortgage Funding LLC (RMF) is a powerful financial tool geared towards the unique needs of those age 60 or older. * Combining the features of a HELOC and low-cost reverse mortgage rolled into one product, this unique home loan is the perfect tool to add to your product mix . Giving You A Competitive Advantage Older Americans like the comfort and security of having an emergency line of credit in place to help fund the unexpected. And let’s face it, we are living in unexpected times. However, HELOCs can have shortfalls for those age 60+ as lending requirements can be stricter. The Equity Elite ® Line of Credit option is an attractive alternative to a traditional HELOC. Its unique benefits give you a competitive edge: n A reusable line of credit that grows at 1.5% annually for 7 years †

Equity Elite ® Line of Credit

n No mandatory monthly mortgage payments ‡ n No prepayment penalties—the loan can be paid down and reused when needed

HELOC (constant)

n No pre-defined loan maturity date ‡ n Like other reverse mortgages, it is a non-recourse loan n More lenient income and credit score qualifications n Great loan option for higher-value homes, can access up to $4 million in funds n Unlike other reverse mortgages, no mortgage insurance premium means low up-front costs *Not applicable in all states; some states may impose a higher age requirement. Visit www.reversefunding.com/equity-elite for details. † For the Equity Elite (EE) loan option with a growth rate on a line of credit, there is a specific growth rate, such as 1.5% per annum applied to certain unused amounts, and a growth rate period, such as 7 years after the loan closes, as stated in the loan documents provided at closing. Also, access to funds in an Equity Elite loan with a line of credit feature cannot exceed: (1) 75% percent of the original Principal Limit, plus (2) the growth of the available Principal Limit due to the growth rate. ‡ As with any mortgage, borrowers must meet loan obligations, keeping current with property taxes, insurance and maintenance. Year 1 3 5 7

To learn more, contact TIMOTHY GRIFFIN at 973.542.7176 or [email protected]

A Flexible Alternative to a Conventional HELOC Unlike a traditional HELOC, the Equity Elite ® Line of Credit option was specifically designed for your older customers and is useful for a broad range of home values. It allows borrowers to tap into their home equity and create a financial safety net with added payment flexibility and borrower safeguards.

Traditional HELOC

Equity Elite ® LOC

Borrower Retains Ownership of Home and Title Age Requirement

YES

YES ‡

NO Up to 75-90 percent of available equity † YES

Age 60* or older

Amount of Available Funds

Up to $4 million

Mandatory Monthly Payments

NO ‡ Reusable, growing line of credit (the unused portion can grow for 7 years || ) YES Quarterly 5% over initial rate NO ‡ 10 years NO More lenient

NO

Line of Credit Growth

NO Monthly † None † YES Typically 5-10 years † YES † Stricter

Non-recourse Feature Rate Adjustments Lifetime Interest Rate Cap Pre-defined Loan Maturity Date Draw Period

Prepayment Penalty Income Qualifications

*Not applicable in all states; some states may impose a higher age requirement. Visit www.reversefunding.com/equity-elite for details. † Depending on lender and product type. ‡ As with any mortgage, borrowers must meet loan obligations, keeping current with property taxes, insurance and maintenance.

|| For the Equity Elite (EE) loan option with a growth rate on a line of credit, there is a specific growth rate, such as 1.5% per annum applied to certain unused amounts, and a growth rate period, such as 7 years after the loan closes, as stated in the loan documents provided at closing. Also, access to funds in an Equity Elite loan with a line of credit feature cannot exceed: (1) 75% percent of the original Principal Limit, plus (2) the growth of the available Principal Limit due to the growth rate.

To learn more, contact TIMOTHY GRIFFIN at 973.542.7176 or [email protected]

Contact me today to learn more about the advantages of the Equity Elite ® Line of Credit option for your business and your customers

TIMOTHY GRIFFIN Inside Account Executive 973.542.7176 [email protected]

NOT FOR CONSUMER USE. Equity Elite is currently available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency . Equity Elite Reverse Mortgage (“Equity Elite”) is Reverse Mortgage Funding LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Equity Elite is available to qualified borrowers who also may be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. Equity Elite currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state. Upon a maturity event, any non-borrowing individuals with an ownership interest in the property, including non-borrowing spouses, will have a short period of time (for example, 30 days from a due and payable letter or an alternate time specified by the loan servicer if extensions are available under the circumstances) to purchase the property from the estate or, if the non-borrower inherits the property, pay the loan in full using any sources of funds available to them. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to pay off an Equity Elite reverse mortgage upon the borrower’s death or any other maturity event. If the non-borrower is unwilling or unable to purchase the property or pay the loan in full, there is no protection for the non-borrower (including a non-borrower spouse) to maintain an interest in the home or to continue residing in the home past the maturity event and the non-borrower may be evicted upon foreclosure . The FHA HECM program has protections in place for certain non- borrowing parties, so a reverse mortgage applicant with certain non-borrowing parties should strongly consider a FHA-insured HECM loan (see HECM guidelines or ask an RMF representative for details). Under the Equity Elite reverse mortgage loan program, a maturity and/or default event occurs when the last surviving borrower no longer lives in the home as his or her primary residence for at least 12 months, the property charges (including taxes, insurance, or any other property charges) are not paid, required repairs are not completed or the property is not maintained, or any other maturity and/or default event, as specified in the Security Instrument, occurs. ©2020 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: #1019941. For licensing information, go to: www.nmlsconsumeraccess.org. Arizona Mortgage Banker License #0927682; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Georgia Mortgage Lender Licensee #36793; Massachusetts Mortgage Lender

License #ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Banker-NYS Department of Financial Services-in-state branch address 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Licensed Lender; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905. For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. L3462-Exp082021

To learn more, contact TIMOTHY GRIFFIN at 973.542.7176 or [email protected]