Reverse for Purchase Pricing Matrix - Didyoung

Reverse for Purchase Pricing Matrix - Didyoung

Open the Door to an Untapped Market of 55+ Buyers and Sellers With the flexibility of reverse mortgage purchase financing , your clients aged 55 and older in select states* can combine a one-time investment of their funds with loan proceeds to buy a new home or condo. The best part? Monthly principal and interest payments are optional, † so your clients can maximize their cash flow and buying power, while you expand your market and turn more shoppers into buyers. We offer two reverse mortgage purchase financing products to help meet the varying needs of your clientele and give you a competitive advantage in the market.

Equity Elite ® for Purchase Key Features & Requirements: Available to borrowers aged 55 and older in select states. Higher min. age requirements may apply* Loan amounts up to $4 million ‡ for higher-value homes and condominiums

Available for more condominiums since FHA-approval is not required || The Equity Elite ® ZERO product offers a lender credit to be applied towards most closing costs # Allows seller concessions of up to 6% of the sales price towards origination fees and other closing costs

A down payment of 55% to 75% of the purchase price is typically required (could be as low as 42% for older clients) §

Required Down Payment for Equity Elite ® for Purchase Financing

Purchase Price

$ 50 0,000

$550,000

$600,000

$650,000

$700,000

Cash Required §

$ 344,961 $ 318,961 $ 299,961 $ 283,961 $ 266,461

$ 378,899 $ 350,299 $ 329,399 $ 311,799 $ 292,549

$4 12,836 $ 381,636 $ 358,836 $ 339,636 $ 318,636

$ 446,774 $ 412,974 $ 388,274 $ 367,474 $ 336,224

$ 480,711 $4 44,311 $ 417,711 $ 386,689

Age 55 Age 6 0 Age 65 Age 70 Age 75

$ 361,811

† As with any mortgage, they must meet their obligations to keep current with property taxes, insurance, and maintenance. *Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details. ‡ Not applicable in all states; MA imposes a maximum loan amount of $2MM. Visit www.reversefunding.com/equity-elite for details. § This down payment range assumes closing costs will be financed into the loan. The information being displayed is for illustrative purposes only. Actual cash required may vary and is based on age of youngest borrower, interest rate, home value, and other factors. Please contact Reverse Mortgage Funding LLC (RMF) for details about credit costs and terms. || 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. # Excludes state-specific mortgage tax fees and/or title transfer fees. With this pricing option, borrower receives a lender credit covering nearly all closing costs. There is a non-refundable independent counseling fee of approximately $125 on average, which the borrower pays directly to the counseling agency. Terms and conditions apply. Not available in all states.

HECM for Purchase Key Features & Requirements: A vailable to borrowers aged 62 or older Loan amounts up to $970,800 C reated in 2009 and federally-insured* T ypically, a down payment of 45% to 62% is required †

Eligible properties include: single-family homes, FHA-approved condominiums,* townhouses or Planned Unit Developments (PUDs), and manufactured homes meeting HUD guidelines

Required Down Payment for HECM for Purchase Financing

Purchase Price

$450,000

$550,000

$600,000

$650,000

$700,000

Cash Required †

N/A

N/A

N/A

N/A

N/A

Age 55 Age 62 Age 67 Age 72 Age 77

$279,624 $263,874 $253,974 $235,974

$340,274 $321,024 $308,924 $286,924

$370,651 $349,561 $336,361

$400,849 $378,099 $363,049 $337,049

$431,136 $405,886 $390,486 $362,486

$311,611

Ready to grow your business with reverse mortgage purchase financing? Contact me today to get started.

JULIE DIDYOUNG Reverse Mortgage Loan Specialist, NMLS #485913 717-951-0058 | [email protected] reversefunding.com/julie-didyoung Branch NMLS# 1190164 433 Patriots Way, Lititz, PA 17543

*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. † This down payment range assumes closing costs will be financed into the loan. The information being displayed is for illustrative purposes only. Actual cash required may vary and is based on age of youngest borrower, interest rate, home value, and other factors. Please contact Reverse Mortgage Funding LLC (RMF) for details about credit costs and terms. 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. NOT FOR CONSUMER USE. ©2022 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 Financial Protection and Innovation 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. 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. L4477-Exp042023