September 2017

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PETER DAVIS NMLS#227161 10 years ago I had found my true passion in the Reverse Mortgage Industry. I love meeting seniors and hearing about their former lives and what brought them to the place they are at today. Choice Mortgage Bank located in Boca Raton has been in business for over 20 years. NMLS#227161 Please contact me directly: Direct: 561.251.2859 Toll Free: 888.317.7886 x 701 E-mail: chonney@aol.com STRAIGHT TALK ABOUT REVERSE MORTGAGES Q: What are the benefits of a Reverse Mortgage A: A benefit that may surprise some people is that the debt can never exceed the current value of the home. That means that if the home declines in value, your heirs or your estate will NOT be held responsible for paying back the debt. That is because the loan is INSURED and GUARANTEED by the FHA. This is because the loan is a non-recourse loan. Q: What is a Reverse Mortgage? A: A Reverse Mortgage allows seniors to convert the equity in their home into cash, while continuing to live in their home. The Homeowner can be paid in one of 3 different options: 1- A Lump Sum–60% Available Year One–Balance Year 2 2- Monthly income for life 3- A line of Credit - The unused portion of the line of credit continues to grow making more money available to you each year. Reverse mortgages are non-recourse loan as they are covered by FHA insurance. Q: Are Reverse Mortgages only for the “needy?” A: Absolutely NOT. They are used by anyone who wishes to convert equity value in their home to a liquid asset. Anyone over 62 whose homes have developed substantial “PHANTOM EQUITY” due to inflation, those who own their homes free and clear, and seniors who have a relatively small mortgage, can now convert their previously non-liquid equity into cash. NO repayment is required as long as you continue to own your home. Remember you are still responsible to pay property taxes and homeowners insurance. Q: What is the difference between a Bank loan and a Reverse Mortgage? A: A bank loan is a Recourse Loan – that means if you don’t payback the loan the bank has Recourse against you and your estate. A Reverse Mortgage is a NON-RECOURSE LOAN – which means if you do not pay off the loan when you sell your home the FHA will make up any deficiency to the lender. A reverse mortgage is a non-recourse loan that means if the proceeds from the sale of the home do not cover the full amount owed, the mortgage insurance from the FHA will cover the shortfall. Q: How do I qualify for a Reverse Mortgage? A: You must be age 62 or older and the home must be your principal residence. You must have adequate equity available in the home. The Property must be a single family home, a one to four units dwelling with one unit occupied by the applicant, a townhouse or HOA community. Unfortunately, MOST CONDOMINIUMS ARE NO LONGER ACCEPTED. Q: What are the Responsibilities of the Borrower? A: You are required to pay your property taxes, keep your homeowners insurance in force, if you live in a community with homeowners assoc. you must pay that, and lastly you must maintain the home in good repair. 34 SEPTEMBER <strong>2017</strong> Q: Is there a Pre-payment penalty A: NO – Full or partial repayment is allowed anytime CHOICE MORTGAGE 40 S.E FIFTH ST - SUITE 502 BOCA RATON FL 33432 NMLS#166254 Q: I always dreamed of leaving my home to my children. Does the lender take my home when I die? A: Absolutely NOT – When the last surviving spouse passes away, the loan becomes due. Your heirs can either refinance or sell the property to pay off the loan. The heirs retain the balance if they sell the home for more than the loan balance. If the loan balance is more than the sale price the FHA is responsible for the shortfall – not the heirs. Q: I live in a Country Club Community with large Dues and Maintenance – my children do not want to live in the community after I die – how can I protect my estate from the major dues my children would be liable for after I die. A: The Children do not want to live in my community after I die, because the Golf Dues are very expensive and it is hard to sell a home due to the cost. The mortgage insurance associated with the reverse mortgage will, under normal circumstances, absorb any deficiencies between the amount owed under the reverse mortgage and the amount obtained through the sale of the property. Q: Can the interest charged on my loan principal be deducted for tax purposed? A: The interest accumulates and is deductible when the loan balance and interest is repaid. This occurs when the borrower permanently leaves the property or sells it. I recommend that you consult a tax advisor for further information. Q: My property is in a Trust – Do I qualify? A: Probably, subject to a review of your trust documents and meeting all other borrowing requirements. Q: Are there restrictions on how I can use the money? A: NO – the money you receive is TAX FREE – Check with your accountant on how to invest the money. Q: What are the costs associated with a Reverse Mortgage? A: HUD charges a Mortgage Insurance premium of between .5% and 2.5% depending upon the amount of any existing mortgage. The closing costs vary depending on the program you select. I will be happy to provide you with a good faith estimate for detailed costs. Q: What are the New Rules about Financial Assessment that started on April 27th? A: Please call me for information *THESE MATERIALS ARE NOT FROM HUD OR THE FHA AND WERE NOT APPROVED BY HUD OR ANY GOVERNMENT AGENCY * YOU STILL HAVE TO PAY YOUR PROPERTY TAXES AND HOMEOWNER’S INSURANCE
A NEW EXPRESSION OF LUXURY Luxury is bearing the hallmark of one of real estate’s most iconic names. Luxury is having not just one real estate professional working for you — but a global network of 88,000 affiliated agents in 49 countries and territories who can share the beauty of your home with an affluent audience worldwide. Luxury is knowing that you have masterful representation that sells an average of $129.6 million in million-dollar-plus properties every day.* COLDWELLBANKERLUXURY.COM 5810 Coral Ridge Drive, Suite 100 | Coral Springs, FL 33076 | 954.753.2200 *Data based on closed and recorded transaction sides of homes sold for more than $1 million (USD$) or more as reported by the U.S. Coldwell Banker franchise system for the calendar year 2016. ©<strong>2017</strong> Coldwell Banker Residential Real Estate. All Rights Reserved. Coldwell Banker Residential Real Estate fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker, the Coldwell Banker logo, Coldwell Banker Global Luxury and the Coldwell Banker Global Luxury logo are service marks registered or pending registrations owned by Coldwell Banker Real Estate LLC. 109290FL-5/17
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