David Wesonga | Strategic Housing Wealth | Po...

*The borrower must meet all loan obligations, including living in the property as the principal residence – must pay and keep current property taxes, hazard insurance, HOA fees, and property maintenance. We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. If the homeowner does not meet these loan obligations, then the loan will need to be repaid. The loan is repaid when the borrower or qualified non-borrowing spouse no longer lives in the home. The balance of the loan grows over time and the lender charges interest on the balance. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid. •HUD HECMS REQUIRE PAYMENT OF INITIAL AND PERIODIC MORTGAGE INSURANCE PREMIUM. •When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds.**NOTE: The HECM LOC is not available with all loans or to all borrowers. It is only available on adjustable-rate products where there are funds available. The Line of Credit (LOC) will only grow if there are funds in it. If there are no funds in the LOC, then there is nothing to grow. It is possible for there to be no LOC funds available to a client with an adjustable-rate HECM when the entire principal limit was used to pay off their previous mortgage loan balance. Reverse Mortgage loan to value based on borrower age, home value, principal limit factor, and interest rate. ***Proprietary Jumbo products, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62. The Jumbo reverse mortgage is a proprietary product of Finance of America Reverse LLC, and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all Proprietary Jumbo products are available in every state. Please contact us for a complete list of availability. Copyright© 2024 Barrett Financial Group, LLC. NMLS# 181106. 2701 East Insight Way, Suite 150, Chandler, AZ 85286. 480-459-4500. All rights reserved. (www.nmlsconsumeraccess.org) This is not a commitment to lend as defined by Regulation Z. Prices, guidelines, and minimum requirements are subject to change without notice. Some products may not be available in all states. Loans are subject to review of credit and/or collateral, appraisal and geographic location of the property and other underwriting criteria; an underwriter must review and approve a complete loan application after you are preapproved in order to obtain financing. Not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product. Make sure to compare loan types when making a financing decision. Loan amounts and rates vary depending upon loan type, LTV, verification of application information and other risk based factors. Application fees, origination fee, mortgage insurance premium, closing costs and other fees may apply. Barrett Financial Group, LLC, is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Barrett Financial Group, LLC, is not a tax consultation firm. Please seek advice from a tax professional. Equal Housing Lender.