Robert N. ‘Bob' Chaplin

Clarion Mortgage Capital, Inc

1125 South Ball Street, Suite 100

Grapevine , TX 76051

817-999-4281 fx 866-250-1989 / bob@carlylefunding.com

Texas Licensed Mortgage Broker 6

The Reverse Mortgage – Your house pays you!

The Reverse Mortgage, also known as a Home Equity Conversion Mortgage or HECM, was designed to help home owners over age 62. Home owners, who qualify, have access to their home equity without the risk of losing their homes because they cannot make the payments on a Conventional Mortgage. Some Facts:

•  You are never required to make a payment on a Reverse Mortgage as long as you live in your home.

•  You can receive a portion of the equity in your home as an annuity type payment, a lump sum or a combination of the two.

•  You can set up the HECM now and take the money out later, when it is needed.

•  Your heirs still receive the house. When they receive it, they can decide to refinance the loan, pay off the loan, sell the house and receive the equity or let the bank sell the house and send them any equity that may remain. The heirs choose.

•  Bob can help you understand if the HECM is right for you. But, if you are interested, you must participate in a class with a housing specialist who will make sure you understand the commitments you are making. The class is now available remotely from your home.

•  The fees on HECM loans are tightly regulated by HUD and the fees should be the same everywhere that offers this type of loan.

•  Both borrowers must be over 62. Credit and income are not considered. Only the borrower's age(s) (the key age is the youngest borrower) and the value of the home are considered to approve a HECM. The home must be a primary residence.

•  The amount of the HECM is determined by your age, your spouse's age if you are married, and the value of the home.

If you have questions, please feel free to call Bob Chaplin for an appointment. Bob will prepare a presentation for your individual situation. You can also gather more information and get an assessment for what amount you qualify. There is no cost or obligation. When you decide to start the application process, the only out-of-pocket expense is the cost of ordering an appraisal, usually about $400. The cost of the appraisal may be returned at the time of the first advance on your HECM.