An Introduction to facts about Reverse Mortgages, including the most frequently asked questions and examples of how seniors are using Reverse Mortgages to supplement their income today.

1. Introduction
to Reverse Mortgages

2. Agenda
• Who is Remington Senior Funding?
• What is a Reverse Mortgage?
• Retirement Income
• Frequently Asked Questions
• Examples of Using Reverse Mortgages
• The Process: Getting a Reverse Mortgage

3. Who is Remington Senior Funding?
• In Business Since 1993
• 100% Reverse Mortgages. It's all we do.
• FHA and HUD Approved provider of
Reverse Mortgages
• Reverse Mortgages in Multiple States
• Headquartered in Southfield, Michigan
• Awarded Accredited Business Seal and
A + Rating by the Better Business Bureau
• Member of National Reverse Mortgage
Lenders Association (NRMLA) – strictly
adhere to its Code of Ethics and
Professional Responsibility

5. What is a Reverse Mortgage?
• Financial tool created by the U.S. Govt. to help
provide financial relief to homeowners age 62 +
• Enables senior citizens to convert part of their
home equity into cash.
• Does not require giving up title, selling home or
taking on monthly payment.
• Allows seniors to stay in their home for the rest
of their lives and access a portion of their home
equity without ever having a payment.
• If there is an existing mortgage, the
Reverse Mortgage will pay it off.

6. What is a Reverse Mortgage
• Insured and regulated by the Federal Housing
Administration (FHA).
• Proceeds are tax free and can be used for any purpose.
• Money can be acquired as: lump sum, monthly payment,
line of credit, or any combination thereof.
• No effect on Social Security or Medicare benefits.

7. Retirement Income
Typical Retirement Income
Retirement Income with Reverse Mortgage
Investments, Pension,
Investments, Pension,
Social Security & CDs
Social Security & CDs
Reverse Mortgage
$ $ $

8. 12 Frequently Asked Questions
1
Can I get a Reverse Mortgage if I currently
have a mortgage or equity loan on my
home?
Yes. Any existing mortgages or equity
loans will be paid off at closing. Getting
rid of a monthly payment will free up a
large portion of your income to be used for
other things.

9. 12 Frequently Asked Questions
2
Do I give up ownership of my home when I
get a Reverse Mortgage?
Absolutely not. A Reverse Mortgage is just
a lien on the property. The title remains in
the name of the borrower(s).

10. 12 Frequently Asked Questions
3
When does the Reverse Mortgage come
due?
The Reverse Mortgage does not become
due until all borrowers on title have either
passed away or moved out of the home
permanently.

11. 12 Frequently Asked Questions
4
What are my responsibilities as a
homeowner with a Reverse Mortgage?
You are required to pay your property
taxes and homeowners insurance and of
course to maintain your home.

12. 12 Frequently Asked Questions
5
Are Reverse Mortgages only for people with
financial problems?
No. The Reverse Mortgage is an
excellent financial planning tool that
is used by homeowners from all
walks of life to enhance their
retirement years. This is evidenced
that there are over 10,000 Reverse
Mortgages being done each month.

13. 12 Frequently Asked Questions
6
Can I still leave my home to my heirs if I have
a Reverse Mortgage.
Yes. The Reverse Mortgage is just a lien
on the home. You can leave the home to
anyone you choose. They will just have to
make arrangements to pay off the loan or
refinance into a conventional loan if they
want to keep the home or they can sell
the home and keep the amount of money
that is remaining after the Reverse
Mortgage is paid off.

14. 12 Frequently Asked Questions
7
Could my estate or my children be personally
liable with a Reverse Mortgage?
No. The Reverse Mortgage is a “non-
recourse” loan. What this means that
no one can be liable for the loan.
Only the house “stands for the debt”.
That means only the proceeds from
the sale of the home can be used to
repay the Reverse Mortgage.

15. 12 Frequently Asked Questions
8
Are there any restrictions on what I can use
the money from a Reverse Mortgage for?
No. Its your money. You can do whatever
you want with it. It’s common for seniors
to use the proceeds to eliminate debt like
mortgages and credit cards. Many others
use them to supplement monthly income
to help pay daily living expenses, health
care bills, prescription drugs and make
home repairs. Lately, many put the money
in the bank for an emergency fund.

16. 12 Frequently Asked Questions
9
Are there any “out of pocket” costs for me to
pay to get a Reverse Mortgage?
All of the costs can be financed into the
Reverse Mortgage. The only fee you
may have to pay for is the counseling
fee. FHA requires the borrower to pay
the $125 counseling fee directly to the
counseling agency. However, the
counseling agency may allow you to
have it paid out of the closing
proceeds.

17. 12 Frequently Asked Questions
10
Will my children be against me doing a
Reverse Mortgage?
Experience shows that children are
supportive of their parents doing a
Reverse Mortgage. Also, a RM offers
the freedom to assist your children
financially today and avoid the
potential of burdening them with
your expenses.

18. 12 Frequently Asked Questions
11
What happens if my spouse passes away?
The Reverse Mortgage does not become
due until both spouses have passed away
or permanently move out of the home.

19. 12 Frequently Asked Questions
12
What if I decide to sell my home after I get a
Reverse Mortgage?
Even though you have a Reverse Mortgage,
you can still sell your home. The proceeds
from the sale will go first to paying off the
Reverse Mortgage and the remainder
belongs to you.

20. Examples: Using Reverse Mortgage
• 75 years old
• $150,000 home
• $ 80,000 mortgage with
$ 625 payment
• Fixed income
• Hard time making ends meet
• Doesn't want to be a burden to her kids

21. Mary • Mary uses a
Reverse Mortgage
• Pays off
existing mortgage
• Additional
$7,500
• Financial
independence

22. Examples: Using Reverse Mortgage
• Both 72 years old
• Home is worth $200,000
• No mortgage
• Want to use money now
• $108,000 available
• Travel
• Fund grandkids college
• Make donation to favorite charities

23. The Process: Getting a RM
Consultant
Meet with Closing agent
Counseling Following
helps you
Consultant comes directly
Session counseling, an
complete an
to see how to your home.
(30-45 appraisal is
application.
Reverse Proceeds are
minutes) done and your
Mortgage received a few
with a HUD loan file is
will work for days later.
approved sent to the
you. If have existing
counselor underwriter
mortgage,
for approval.
payoff will be
No credit or
sent directly to
income
that company.
requirements.

24. Thank You for your Time!