Charlotte Relocation Guide

VOL2 ISS2 2018

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VOLUME 10—ISSUE 1 89 THE ORIGINAL RELOCATION GUIDE — CHARLOTTE | VOLUME 2 — ISSUE 2 HECM FOR PURCHASE C o p y r i g h t © 2 0 1 8 F a i r w a y I n d e p e n d e n t M o r t g a g e C o r p o r a t i o n ( " F a i r w a y " ) N M L S # 2 2 8 9 . 4 7 5 0 S . B i l t m o r e L a n e , M a d i s o n , W I 5 3 7 1 8 , 1 - 8 7 7 - 6 9 9 - 0 3 5 3 . A l l r i g h t s r e s e r v e d . F a i r w a y i s n o t a f f i l i a t e d w i t h a n y g o v e r n m e n t a g e n c i e s . T h e s e m a t e r i a l s a r e n o t f r o m H U D o r F H A a n d w e r e n o t a p p r o v e d b y H U D o r a g o v e r n m e n t a g e n c y . R e v e r s e m o r t g a g e b o r r o w e r s a r e r e q u i r e d t o o b t a i n a n e l i g i b i l i t y c e r t i f i c a t e b y r e c e i v i n g c o u n s e l i n g s e s s i o n s w i t h a H U D - a p p r o v e d a g e n c y . T h e y o u n g e s t b o r r o w e r m u s t b e a t l e a s t 6 2 y e a r s o l d . M o n t h l y r e v e r s e m o r t g a g e a d v a n c e s m a y a f f e c t e l i g i b i l i t y f o r s o m e o t h e r p r o g r a m s . T h i s i s n o t a n o f f e r t o e n t e r i n t o a n a g r e e m e n t . N o t a l l c u s t o m e r s w i l l q u a l i f y . I n f o r m a t i o n , r a t e s a n d p r o g r a m s a r e s u b j e c t t o c h a n g e w i t h o u t n o t i c e . A l l p r o d u c t s a r e s u b j e c t t o c r e d i t a n d p r o p e r t y a p p r o v a l . O t h e r r e s t r i c t i o n s a n d l i m i t a t i o n s m a y a p p l y . G e o r g i a R e s i d e n t i a l M o r t g a g e L i c e n s e e . G A M o r t g a g e L e n d e r L i c e n s e # 2 1 1 5 8 . FW 1904243 If you are 62 years or older, the Home Equity Conversion Mortgage (HECM) for Purchase (H4P) loan may help you purchase your next home. The HECM for purchase is a reverse mortgage loan that is insured by the Federal Housing Administration (FHA), which allows seniors to use the equity from the sale of a previous residence to purchase their next primary home all in one transaction. Regardless of how long they live in the home or what happens to their home's value, they only make one initial investment (down payment) towards the home purchase. Advantages • No monthly payments except taxes, insurance, and maintenance • Increased discretionary cash flow • Can sell YOUR home at any time • No credit score requirements, but some income and credit qualification for property taxes is required • Does not require repayment until last living borrower permanently leaves the home or loan terms not met Eligibility Requirements • One borrower must be 62 years or older • Purchased home is required to be your primary residence • New property must be: single-family home, 2-4 unit dwelling of FHA-approved condo Must Knows • No seller concessions • All repairs must be completed prior to closing, not repair set-aside • We use the lower of the appraised value or contract price to calculate the HECM proceeds • Everyone must sign the FHA required Amendatory Clause and the Real Estate Certificate • Borrowers must occupy the home within 60 days of closing RUDY KING Loan Officer NMLS# 1626680 845 Church Street N., Suite 207 Concord, NC 28025 Office: 704-707-3690 Direct: 704-770-6584 rudy.king@fairwaymc.com Contact me today to learn more! • Must receive mortgage counseling from a HUD-approved counseling agency • You must have an adequate down payment for your new home or a gift from a family member

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