• You don’t pay the mortgage every month — it pays YOU, monthly or whenever you want.
• It’s for Seniors Only — each borrower must be at least 62.
• You never have to make a monthly loan payment as long as one spouse is still living in the house, which means you can stay in your own home as long as you want.

• Your home is worth a lot more now than when you bought it.  It’s a valuable asset, but you can’t spend it.
• The loan is secured by the equity in your home.  So the Reverse Mortgage lets you turn the equity in your home into cash you can use now.

• There are no income qualifications.
• Your credit score and credit history don’t matter.
• Your consumer debt, such as credit card balances, don’t matter.

• Each person on the title must be at least 62.
• If there is already a loan on your home, it must be paid off. Part of the proceeds of the Reverse Mortgage can be used to pay off the existing loan.
• The home must meet FHA standards for safety and physical condition, and have a termite clearance. (Repairs needed to meet these standards can be funded through the loan.)

• Appraised value of your home — the higher the value, the higher the loan amount.
• Age of the youngest spouse — the older the borrower, the higher the loan amount.
• Current interest rates — the lower the rate, the higher the loan amount.

How do I receive the payments?
You can receive your payments in any of 4 ways:

• Monthly payments for as long as you live in the house.  The amount will be based on your remaining life expectancy and other factors.
• Monthly payments for a set number of years, such as 5, 10, 20 or anything you choose.
• A lump sum up front, for all or part of the total amount.
• A line of credit for the loan amount, to be drawn whenever you need the money, in full or in part.

How do I get a reverse mortgage?
It’s simple. CALL Alan Bird.

1. I’ll meet you, and go over everything.
2. When you’re ready, we will fill out the application together.
3. You meet (in person or on the phone) an independent reverse mortgage counselor, as required by Federal regulations for your protection.
4. Appraisal, termite inspection and loan underwriting are performed.

• Termite treatment
• Repairs
• We work with you to get things done quickly and easily

• You’ll get an itemized list of all fees.
• I’ll explain in detail all of the fees to your satisfaction.
• All fees can be funded through the loan.

• Initial rate based on US Treasury rate, the LIBOR, or other indices, plus a margin.
• You choose an
• Annual adjustment or
• Monthly adjustment

Is this safe for Seniors?
YES, it is safe; here’s why.

• The program is administered and regulated by the FHA.
• The FHA guarantees you will receive your payments, even if the original loan provider defaults.
• The amount of the loan will never be more than the value of your house.
• You can never be forced out of your home.
• FHA regulations require that you hear all the facts directly from an independent loan counselor before your loan can even be approved.
What happens after I get the loan?
There are 3 things you must do:

• Maintain the property in good condition.
• Carry homeowners insurance.
• Pay the property taxes on time.
These are the things you would do anyway to protect your home.
How does the loan get paid back?

• No repayment necessary until you move out of your house, sell the house, or die.
• No prepayment penalty for early payment.
• Non-recourse loan — the balance due on the loan will never more than the value of your home.
Can I use the money for anything I want?

• Travel.
• Pay medical and living expenses.
• Hire help around the house.
• Have money available for unexpected needs.
• Renovate your home to make it wheelchair friendly.
Anything you want.

What if I don’t need the money now?
The loan can be treated as a line of credit, available for you to use:


• Anytime you want.
• Any amount you want.
• Any purpose you want.
Why is a Reverse Mortgage a good idea?

• You’ve already paid for your house.  Now your house can pay you!
• Let’s you stay in your house as long as you want.
• Loan proceeds are tax free.
What do others say?

• “Now I have enough money to pay my bills and keep living in the home I love.”
• “Our reverse mortgage gave us the money to buy a motor home and travel to places we always wanted to see.”
• “I’m going to give some money to my kids, while I’m still alive to see their enjoyment.”
• “A Reverse Mortgage allows Seniors to live with dignity, in the way they choose.  They can use the equity of their home to live on, without having to sell the home.”
• “It’s peace of mind—now I know the money’s available if I need it, or want it.”
Can I get a Reverse Mortgage from any lender?

• Reverse Mortgages are a specialized program for Seniors only.  Providers must be approved by HUD and the FHA.
• Reverse Mortgage lenders come in various sizes, with varying experience and loan servicing capabilities.