At Global Mortgage we believe our business is about providing a better quality of life and a higher standard of living for our seniors. Our Reverse Mortgage product is a powerful financial tool available to senior homeowners that can help you live your life more fully without financial worries.

What Is a Reverse Mortgage?
Unlike a traditional mortgage that you pay back each month, a reverse mortgage makes payments to you. You can get these payments in a lump sum to cover an unexpected bill. You can get them as a regular supplement to your monthly income. Or, you can get them at intervals and amounts that are best for you.

We offer reverse mortgage loans that require no repayment as long as your home is your principal residence and you fulfill the borrower's obligations, such as continuing to maintain the property and pay your property taxes and hazard insurance. You pay the money back plus interest and other charges when you sell or permanently move out of your home.

If you pass away, the loan is due, but the amount due will always be the lesser of your loan balance or the market value of your home. Even if the amount you borrowed eventually exceeds the value of your home, you or your heirs will never owe more than the value of your home. All proceeds in excess of what you owe belong to your estate, which means the remaining equity in your home can be passed on to your heirs.

Unlike the loan balance of a conventional mortgage, which becomes smaller with each monthly payment, the loan balance of a reverse mortgage grows larger over time.

As you receive your payments, the amount of cash you have left after selling and paying off the loan—your equity—generally grows smaller. But with a reverse mortgage you can never owe more than your home's value at the time the loan is repaid.

If you own your home free and clear or if you ave very little mortgage principal outstanding, a reverse mortgage may be a good option for you.

How Can it Work for Me?

This special type of home loan lets homeowners convert a portion of his or her home equity into cash, providing for a secure financial future.  They may do this without selling the home, giving up title, or taking on a new monthly payment. The money from the reverse mortgage provides seniors with the financial security they need to fully enjoy their retirement years. Reverse Mortgages are tax-free (check with your financial advisor) and can be paid in several different ways:

· A single lump sum of cash

· Regular monthly payments as long as at least one borrower lives in and occupies the home

· Regular monthly payments for a fixed period of time

· A line of credit to be paid at your discretion

Borrower Requirements

To qualify for a reverse mortgage, borrowers must:

· Be 62 years of age or older

· Own a property

· Occupy the property as his or her primary residence

Advantages/Benefits

· No income restriction: HECM does not care if you have income or not. It cares about your age and the value of your property.

· Free you from existing loans: Your existing loans will, actually, must, be paid off by proceeds from the HECM loan.

· No more monthly payments: The loan is not due as long as you live in the property, so you will not have to remit a monthly payment.

· Tax-free monthly cash flow: You may choose to receive tax-free monthly payment for your entire life or for a specific term.

· A line of credit with growth: You may also choose to have a line of credit that grows every month.

· Use the proceeds for any purpose: The loan proceeds can be used to pay of credit card bills, medical insurance, or anything you can think of.

· No prepayment penalty: You may terminate the loan anytime you like by paying off the loan balance without any penalty.

· Limit on the amount you owe: You will never owe the lender more than the appraised value of your property since the program is FHA-insured.

· Closing costs may be financed: Almost all of the closing costs can be financed as part of the loan, which means no out-of-pocket expense from you.

· Social Security & Medicare unaffected: The loan will not affect your existing Social Security and Medicare benefits.  However, needs-based services, such as Supplemental Security Income (SSI), Medicaid, etc. may be affected. Contact your benefits advisor if you receive public benefits.

For additional information on reverse mortgages contact:
Jack Peterson	727-421-0151 jpeterson@eglobalmortgage.com