All disclosures should be contained within the text in relevant areas.

Ray and Kimberly are loan originators NMLS 1784775 / 1201644, licensed in the states of AZ, NM, CA, CO, TX, OK, IN, WA, FL.

Every attempt was made to ensure accuracy in the details and illustrations provided within this website.

These are applicable scenarios for the information provided during the week viewed. Although quite close, none of the illustrations, charts, graphs, etc. represent an actual proposal. Many variables must be taken into consideration, including, but not limited to credit and payment history, the time it takes for the borrower to make a decision, third party fees, actual appraised home value and actual lien amounts.

A Reverse Mortgage Loan may not be the best option for everybody depending upon their long term goals and other factors.

Other options include, but are not limited to:
• Refinance a conventional mortgage loan. This will have it's own upfront fees while starting the term over, with ongoing mortgage payments until the loan is paid in full.
• Obtain a home equity line of credit or HELOC. This will come with it's own upfront fees, servicing fees, likely an adjustable interest rate, additional payments and the possibility of the line being closed while still owing the balance or having a balloon payment.
• If you have an IRA, 401K, or other investments, you could take draws from these accounts while being taxed, so to only be able to use a percentage of the draw. Once draws are made in a declining market, those funds would not be able to benefit from a bounceback.

A Home Equity Conversion Mortgage requires the borrower(s) to occupy the property as their primary residence (more than 6 months of the year).

Borrowers are responsible for paying property taxes, homeowner's insurance, HOA dues(if applicable), maintaining the property to FHA/HUD safety standards, and living in the property as their principal residence.

If the borrower fails to comply with the terms of the loan listed above, the loan could be called due and payable.

If this happens these are some options:
• If the borrower chooses to stay in the home, they can pay the full loan balance including all MIP, interest and fees
• The borrower has the option to sell the home and pay the loan balance or 95% of the home value, whichever is less, in order to settle the debt
• The borrower may hand over the deed in lieu of forclosure and settle the debt this way.

If the last borrower passes away, the heirs or estate have these options:
• If the heirs or estate would like to keep the home, they can settle the debt for the lesser of 95% of the appraised value or the loan balance
• The heirs or estate can sell the home for no less than 95% of the home value or pay the loan balance, whichever is less, in order to settle the debt
• The heirs or estate may hand over the deed in lieu of forclosure and settle the debt this way.