Urban Financial of America LLC - Reverse Mortgage

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what type of home do you own?
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mortgage balance (estimated) *

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A Reverse Mortgage is a special type of loan exclusively for seniors 62 and older. A Reverse Mortgage allows you to convert the equity in your home into cash providing financial security to fully enjoy your retirement years. Instead of making monthly payments to a lender, a lender lets you access some of the equity in your home through either a lump sum payment, monthly payments or through a line of credit – whichever you prefer. While a reverse mortgage loan is outstanding, you continue to own the home and hold title to it.
EDUCATE: Meet with a loan officer to assess your needs and explain benefits, options and costs associated with a Reverse Mortgage.
COUNSEL: The government requires unbiased counseling for all borrowers to be sure you understand all aspects of your Reverse Mortgage. Usually this takes about 60 minutes of your time.
APPLY: If you’re at least 62 years old and own a home, you may qualify. We’ll even help you gather required documents, and guide you through the application.
APPRAISE, PROCESS, APPROVE: After we gather all the completed paperwork, your property will be appraised, and your application will be reviewed and processed. Once the application is approved, we set a date with you to close the loan.
CLOSE AND FUND: After the rescission period, you get your well-deserved money so you can breathe easier and enjoy a more comfortable retirement.
Do I HAVE to go through HUD Counseling?
Yes. And that’s a GOOD thing. We, and the government, want you to know exactly what to expect with a Reverse Mortgage. Counseling can be done in person or over the phone, and it only takes about 60 minutes.
Are there limits to how I use the proceeds?
No. Use the money for whatever you want: medical bills or other outstanding debt, long-term health care, travel, home improvements. The options are as limitless as your imagination.
What types of properties are eligible?
The home must meet FHA property standards and flood requirements, and be one of the following: single-family home; or 2-to-4 unit home with 1 unit occupied by the borrower; or HUD-approved condominium. For new construction, a Certificate of Occupancy or equivalent must be issued before you apply.
Am I giving up my home to a bank?
The loan must be repaid when the last surviving borrower passes or no longer lives in the home. Because HECM (Home Equity Conversion Mortgage) Reverse Mortgages are federally insured loans, you and your heirs are not liable for any deficiency if, when the loan becomes due, the home sells for a fair market price that's less than the loan balance.
How does this affect the future sale of my home?
After the last surviving spouse dies, the heirs typically either pay off the loan and keep the home or sell the property and keep any profit that exists after the reverse mortgage is paid off.
How do I receive my proceeds?
You can get your money through a lump sum at closing, through a line of credit or through monthly payments to you. Aren't options great?
What Is Mortgage Insurance Premium?
This is a required part of your loan and it protects you so that you will not owe more money in the event sale of the property brings an amount insufficient to pay off the loan.
When do I have to pay back the loan?
The loan is usually paid back through sale of the home after the last surviving spouse passes away or moves out for one year or longer. You never have to make principal and interest payments while you live in the home - no matter how long you live.
Do I have to pay taxes on this money?
No! The money from the Reverse Mortgage is considered loan proceeds and therefore is not considered income, but you should consult with your tax advisor about your specific situation.
Do my spouse and I both have to be 62?
Not necessarily. But this may add some risk. So please be sure to inform your loan officer if your spouse is under 62.
What if I owe more than the home when I die?
The loan balance is due after the last surviving spouse passes, but because Reverse Mortgages are federally insured loans, it will not affect your heirs if the home fails to sell for enough to satisfy the loan.
Will this affect my Social Security or Medicare?
Reverse Mortgages typically don't impact these or pension benefits, but since programs vary from state to state, be sure to consult your trusted financial advisor.
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UFA (formerly Urban Financial Group) is a lender specializing in reverse mortgages and ranks among the top three originators in the United States. We specialize in this business, allowing homeowners 62 and older to unlock a portion of their home’s equity to use for their needs. We are a trusted resource; our goal is matching customers with the right product empowering them with the financial independence they’ve earned. Our retail division is licensed in most states and Puerto Rico. UFA is a proud member of the National Reverse Mortgages Lenders Association (NRMLA) — which works to strengthen and safeguard reverse mortgages.

Making success happen in Reverse Mortgage lending is easier when you work with the best in our business. With UFA (formerly Urban Financial Group) as your partner, your wholesale or correspondent business will have the resources and support of the industry’s #1 wholesale Reverse Mortgage lender.*

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NMLS #2285 (http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2285); Corporate Office: 8909 South Yale Avenue, Tulsa, OK 74137; Arizona Mortgage Bankers License #0921300, Mortgage Bankers Branch License #0117862 – 625 West Southern Ave., Suite E171, Mesa AZ 85210; Licensed by the California Department of Business Oversight under the California Residential Mortgage Lending Act ; Licensed under the California Department of Business Oversight under the California Finance Lenders Law; Colorado: To check the status of your Colorado loan originator, visit http://www.dora.state.co.us/real-estate/index.htm; Georgia Residential Mortgage Licensee #23647, 8909 South Yale Avenue, Tulsa, OK 74137; Illinois Residential Mortgage Lender License #MB6759657; Kansas Licensed Mortgage Company #MC0002210; Massachusetts Lender/Broker License MC2285: URBAN FINANCIAL OF AMERICA, LLC; Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the Missouri Division of Finance as a Mortgage Broker, 1201 Walnut, Suite 975, Kansas City, MO 64106; Licensed Mortgage Banker – NYS Department of Financial Services, 3 Huntington Quadrangle, Suite 305N, Melville, NY 11747; Licensed by the New Hampshire Banking Department; Oregon License #ML-4805; Licensed by the New Jersey Department of Banking and Insurance; Licensed by the Pennsylvania Department of Banking; Rhode Island Licensed Lender; Licensed By the Virginia State Corporation Commission #MC-5413; Washington Consumer Loan Company License #50202. Also conduct business in AL, AR, CT, FL, ID, IN, KY, LA, ME, MD, MI, NE, NM, NC, OH, OK, PR, SC, TN, TX, UT, VT, WV, WI, and WY. Not all products and options are available in all states. Terms subject to change without notice. ©2013 Urban Financial of America, LLC. All Rights Reserved. CALIFORNIA BUSINESS NAME: URBAN FINANCIAL GROUP OF AMERICA, LLC. NEBRASKA BUSINESS NAME: REVERSE IT! LLC.

* Since December 2011. Based on trailing 12 months' endorsement volume. Source: Reverse Market Insight.