1.  WHAT IS A REVERSE MORTGAGE?

     A REVERSE MORTGAGE PROVIDES THE MEANS FOR SENIORS TO RETAIN THEIR INDEPENDENCE AND STAY IN THEIR HOME BY ACCESSING THE EQUITY IN THEIR HOME.  THERE ARE NO MONTHLY MORTGAGE PAYMENTS.  THERE ARE NO INCOME OR CREDIT REQUIREMENTS.  REVERSE MORTGAGE PROCEEDS ARE NOT TAXABLE INCOME AND THERE ARE NO RESTRICTIONS ON HOW THE PROCEEDS CAN BE USED.

2.  HOW DO I QUALIFY FOR A REVERSE MORTGAGE?

• a.  YOU MUST BE AT LEAST 62 YEARS OLD
• b.  OWN YOUR OWN HOME
• c.  HAVE ENOUGH EQUITY IN YOUR HOME TO PAYOFF ANY EXITSING LIENS
• d.  COMPLETE REVERSE MORTGAGE COUNSELING AS REQUIRED BY HUD

3.  HOW MUCH MONEY DO I QUALITY FOR?

• a.  THE AMOUNT YOU CAN BORROW IS DETERMINED BY YOUR AGE, THE VALUE OF  YOUR HOME, AND THE AMOUNT OF LIENS TO BE PAID OFF.  PLEASE CALL ACCELERATED FUNDING FOR A COMPLIMENTARY QUOTE.

4.  WHAT FEES ARE CHARGED FOR A REVERSE MORTGAGE?

• a.  FEES VARY DEPENDENT ON LOAN AMOUNT, BUT INCLUDE AN ORIGINATION FEE , MORTGAGE INSURANCE PREMIUM PAID TO HUD, APPRAISAL FEE, AND TITLE AND ESCROW FEE.

5.  IS THERE A PREPAYMENT PENALTY?

• a.  NO. A REVERSE MORTGAGE CAN BE PAID OFF ANYTIME WITHOUT PENALTY

6.  DOES THE BANK RETAIN TITLE TO MY HOUSE?

• a.  NO.  YOU RETAIN TITLE TO YOUR HOME AND ANY ACCRUED EQUITY.

PLEASE CALL ACCELERATED FUNDING WITH ANY OTHER QUESTIONS OR CONCERNS AT (800) 420-2274.