Reverse Mortgage Presentation

Access National Mortgage Company History

Access National Mortgage is a full service national lender that has been in business for 20 years. We combine portfolio community banking with national mortgage banking, allowing us to create tailor-made financing to meet your needs … one person at a time.

Mission Statement

Our mission is to provide progressive and superior financial solutions to the communities that we serve. All of our endeavors will enrich the interests of our clients, associates and shareholders.

Why should you consider Access National Mortgage?

Reverse Mortgage Programs are a specialty area and require a vast knowledge and continuing education of all available reverse mortgage products. Our Reverse Mortgage Specialists are experienced in this field of financing and are highly qualified to assist with all of your reverse mortgage needs.

What is a Reverse Mortgage?

A reverse mortgage is a loan that is based upon the equity in your home. This loan does not have to be repaid until you either sell your home or permanently leave your primary residence.

What types of Reverse Mortgages are there?

There are two main types of Reverse Mortgages:
1. Federal Housing Authority (FHA) “HECM”
2. FannieMae “Homekeeper”

How much money will I be eligible for?

How much you (the borrower) will be eligible for depends primarily upon three factors:

• The age of the youngest borrower
• Value of the home
• Current Interest Rates

How can I receive my money?

Proceeds from a Reverse Mortgage can be received in any combination of the following:

• Lump Sum
• Monthly Payments (for as long as you live in the home)
• Line of Credit

What can I use the money for?

The proceeds from your Reverse Mortgage can be used for whatever you wish. For example:

• Home Repairs / Maintenance
• Home Health Care
• Car Repair or purchase of new one
• Pay off credit cards
• Taxes
• Pay off existing mortgage
• Grandchild’s Education
• Travel

How safe are Reverse Mortgages?

Reverse Mortgages are very safe. Why?

• FHA and FannieMae guarantee the payments that are made to you.
• They also guarantee you can stay in your home as long as you like AND
• You (the Borrower) will never owe more than your house is worth

Reverse Mortgage Facts

• There is no repayment of any kind during the life of the loan until the home is sold or you permanently leave the residence
• The Borrower does not have to income or credit qualify
• The proceeds are treated as tax-free income
• You pay the interest at the time the loan is repaid - not during the loan
• At the time the loan becomes due and payable, your heirs can either choose to repay the loan and keep the house, or sell the home and repay . Heirs will also receive remaining equity, if any, after sale of home.
• Loan does not become due and payable until the last surviving borrower dies, sells the home or permanently leaves the residence.
• Homeowner must continue to pay property taxes, homeowner’s insurance and maintain proper upkeep of the property.
• Benefits received from Social Security and Medicare are not affected by a reverse mortgage loan.

Common Myths about the Reverse Mortgage

• False
  The lender will own your home.
• True
  You retain the title to your home. The Lender does not take control of the title.
• False
  The Lender cannot wait for me to “get out of my house” so the loan can be repaid.
• True
  The Lender is not in the business of selling homes. However, they are in the business of helping you keep your home and meet whatever financial needs you may have.
• False
  My heirs will be responsible for repayment of the loan.
• True
  The Reverse Mortgage is a Non-Recourse Loan. This means that the lender can only derive repayment of the loan from the proceeds of the sale of the property. Your heirs, friends or even your spouse will not be responsible for the repayment of the loan.

Reverse Mortgage Interest Rates

Reverse Mortgages charge interest at an adjustable rate. That means the interest rate you are charged can change periodically. This does NOT affect the amount of money you receive; rather this only affects the amount that you will be required to pay back when the loan becomes due and payable.

Reverse Mortgage Closing Costs

You will incur closing costs and fees when you close on your Reverse Mortgage. Almost all of these items can be financed in the amount of the loan.

What are your typical “out of pocket” costs?

• Property Appraisal Fees
• Credit Check Costs

HUD Counseling

You (the borrower) will be required to attend a HUD (Dept. of Housing and Urban Development) counseling session during your Reverse Mortgage process.

Who to contact for Reverse Mortgage or Lender information?

• NCHEC
  National Center for Home Equity Conversion (651) 222-6775
  http://www.reverse.org/
  
  
• NRMLA
  National Reverse Mortgage Lender’s Association (202) 939-1760
  http://www.reversemortgage.org/
  
  
• AARP
  American Association of Retired Persons (202) 434-2277
  http://www.aarp.org/
  
  
• HUD
  Housing & Urban Development
  http://www.hud.gov/
  
  
• FannieMae
  http://www.fanniemae.com/

Thank you for taking the time to read about our Reverse Mortgage program. We hope we are able to provide a solution to whatever financial needs you might have. Feel free to contact us any time with your questions or concerns.

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