This document provides information about Home Equity Conversion Mortgages (HECMs), also known as reverse mortgages. A HECM allows seniors aged 62 and older to convert a portion of their home equity into tax-free cash without monthly mortgage payments. It discusses key terms, eligibility requirements, costs and fees, products and payment options, and consumer protections associated with HECMs. The document also provides an example of how principal limits are calculated for a HECM and contact information for more questions.
FHA Reverse Mortgage Purchase loan product designed for consumers 62 or older who want to downsize and buy a smaller home, but lack the income requirements for a conventional mortgage.
FHA Reverse Mortgage Purchase loan product designed for consumers 62 or older who want to downsize and buy a smaller home, but lack the income requirements for a conventional mortgage.
FHA loans provide several advantages for first-time homebuyers as well as a unique set of qualifications for the purchaser and the property.
Get all the facts about FHA Loans for First-Time Homebuyers in this Slideshare.
VA home loans are mortgages backed by the US Department of Veterans Affairs. They were designed to offer eligible American veterans a way to purchase a home.
We created this Slideshare to help understand the benefits and requirements to get a VA home loan.
A decent presentation about Reverse Mortgages and how they work. I honestly do not remember where I got this from and I hope it is not a problem that I ma posting it.
Get an overview of student loan refinancing from CommonBond, an online lender dedicated to lowering the cost of higher education. Learn more at commonbond.co/refinance-student-loan
A Complete Guide to FHA Refinance LoansScott Schang
A Complete Guide to FHA Refinance loan programs reviews basic FHA qualifying guidelines including employment, income and allowable properties.
Before you refinance your home, you should always do a thorough cost/benefit analysis to determine if you are refinancing for the right reasons.
We also discuss "Red Flags" - What to watch out for. These are common marketing and sales strategies that try to trick you into refinancing without all the facts.
At Gefen Financial, we help people to manage their finances through debt consolidation, mortgages & loans for residential and commercial real estate properties, and equity financing.
Gefen Financial - New York Mortgage Brokerguest2247c2
At Gefen Financial, we help people to manage their finances through debt consolidation, mortgages & loans for residential and commercial real estate properties, and equity financing.
FHA loans provide several advantages for first-time homebuyers as well as a unique set of qualifications for the purchaser and the property.
Get all the facts about FHA Loans for First-Time Homebuyers in this Slideshare.
VA home loans are mortgages backed by the US Department of Veterans Affairs. They were designed to offer eligible American veterans a way to purchase a home.
We created this Slideshare to help understand the benefits and requirements to get a VA home loan.
A decent presentation about Reverse Mortgages and how they work. I honestly do not remember where I got this from and I hope it is not a problem that I ma posting it.
Get an overview of student loan refinancing from CommonBond, an online lender dedicated to lowering the cost of higher education. Learn more at commonbond.co/refinance-student-loan
A Complete Guide to FHA Refinance LoansScott Schang
A Complete Guide to FHA Refinance loan programs reviews basic FHA qualifying guidelines including employment, income and allowable properties.
Before you refinance your home, you should always do a thorough cost/benefit analysis to determine if you are refinancing for the right reasons.
We also discuss "Red Flags" - What to watch out for. These are common marketing and sales strategies that try to trick you into refinancing without all the facts.
At Gefen Financial, we help people to manage their finances through debt consolidation, mortgages & loans for residential and commercial real estate properties, and equity financing.
Gefen Financial - New York Mortgage Brokerguest2247c2
At Gefen Financial, we help people to manage their finances through debt consolidation, mortgages & loans for residential and commercial real estate properties, and equity financing.
Southwest Funding, LP a leader in Home Equity Conversion Mortgages more commonly know as a Reverse Mortgage. We are here to help you make an informed decision.
This is a copy of the PowerPoint presentation I use when teaching about Reverse Mortgages. If you are interested in learning more about a Revers Mortgage please contact me.
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
From a Sept. 2009 Making Home Affordable meeting where a rep from the U.S. Treasury went more in depth on the HAMP and HARP programs along with representatives from Freddie and Fannie
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
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Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
3. A Home Equity Conversion Mortgage (HECM) is a
federally-insured FHA Home Loan that allows
seniors age 62 or older, to convert a portion of
their home equity into tax-free cash without
having to make a monthly mortgage payment
4. Maximum Claim Amount – Lesser of the national lending limit
(currently $625,500) or the property value.
Principal Limit – Determined by borrower’s age, max claim
amount and expected rate. Amount of funds the borrower
qualifies for.
Counseling – HECM counseling is a loan requirement and must be
conducted by a HUD approved counselor prior to the processing of
the loan and the borrower paying any loan fees.
Mandatory Obligations – Includes loan payoffs, liens seasoned
against the property, closing costs, repair set asides, taxes and
HOI required by the lender
Non-Recourse – Home is the only source of repayment, regardless
of loan balance at maturity. All HECMs are non-recourse.
5. Mortgage Insurance Premium (MIP) – HUD mandated insurance
guaranteeing the borrower will receive the promised loan advances
and not have to repay the loan balance if it exceeds the property
value. There are 2 types of MIP, upfront and ongoing. Ongoing MIP is
added to the loan balance each month at the rate of 1.25% annually.
Upfront (or initial) MIP is either .5% or 2.5% depending on the
borrower’s mandatory obligations and whether that exceeds more
than 60% usage of the principal limit.
Expected Rate – Rate used to determine the Principal Limit - or
borrowers benefit amount
Initial Rate – Note rate or applied rate - rate charged on the loan
balance at the start of the loan
LIBOR – London Interbank Offer Rate - Index used to calculate HECM
ARM rates
6. Repair Set-Aside – When repairs are required to be made to the
property, a set-aside is established and held in escrow until the
repairs are completed. Repair set-asides are generally 150% of
the repair amount and borrowers have 6 months to have the
required repairs completed.
Repair Admin Fee – A fee charged at closing to cover the cost of
creating the set-aside account and administering to the repairs
UPB – Unpaid Principal Balance. The initial loan amount paid out
at closing, consisting of closing costs, lien advances and any other
draws paid out at closing.
7. All borrowers must be 62 or older and a citizen or legal resident
All borrowers must be on the deed (some exceptions for
Life Estates & Trusts)
Must be owner occupied and primary residence
Life Estates ARE allowed; certain trusts are allowed
No monthly mortgage payments required
Borrower retains full ownership (title) to the home
No employment or credit score required
All borrowers are required to attend HUD counseling session
No limitations on how the borrower uses the proceeds (use of
proceeds may be restricted during first 12 months based on mandatory obligations
and HECM requirements)
8. No prepayment penalties if the borrower pays off the loan or sells
the property
Social Security & Medicare benefits are typically not affected by
HECM proceeds
Borrower’s non-borrowing spouse (NBS) may be protected from
a due and payable status if the borrower pre-deceases them if:
NBS was married to the borrower at the time of closing and,
NBS was properly disclosed as such at time of closing, and
NBS has occupied and continues to occupy property as primary
residence AND continues to maintain home and pay property
taxes & homeowners insurance during the deferral period
9. Borrower benefit amount based on:
Age
Current Interest Rates
Property Value or FHA Lending Limit ($625,500 for reverse)
Borrower MUST continue to:
Maintain the property
Pay property taxes
Pay homeowners insurance
Loan becomes due and payable when:
Borrower sells the home
Last surviving borrower passes away
Last surviving borrower permanently moves out (more than 12
consecutive months of non-residence)
10. Mortgage Insurance Premium
Upfront MIP – 0.5% or 2.5% depending on whether or not
the Principal Limit Usage is less than or great than 60% at
closing
Annual MIP – 1.25% of the ongoing loan balance
Origination Fee
2% of the first $200,000 in home value plus 1% thereafter,
capped at $6,000. FHA allows a minimum fee of $2,500
regardless of value
Third Party Closing Costs
Standard third party fees, including title insurance,
escrow/settlement fees, recording fees, appraisal fee, doc
prep fee
*All closing costs and fees, except for the cost of the appraisal, are typically
financed into the loan
11. Eligible Property Types
Single Family Residence
2-4 units, as long as one unit is borrowers primary residence
Manufactured Homes
FHA Approved Condo’s
PUD’s
Certain Mixed Use Properties
Ineligible Property Types
Investment Properties
Vacation Homes
Cooperatives
Bed & Breakfasts
Condotels
New Construction without a Certificate of Occupancy
12. Adjustable Rate Mortgages (ARMs)
Open-ended line of credit offered with a variety of
margins as either a monthly or annually adjusted rate.
Note rate based on the one month LIBOR index + Lender
margin, or the one year LIBOR index + a margin. Ability to
draw funds using a variety of payment plans including a
line of credit.
Fixed Rate
Closed-end loan offered with a variety of rates, set by the
lender. Proceeds taken as a one-time full draw at closing.
13. Closed End Loan
Rate Never Changes
Good Lifetime Rate
One Lump Sum
Sometimes More Money is
Available upfront
Great for clients that need
upfront funds quickly or
prefer no changes to rates
over time
May give up some proceeds
MUST take a lump sum
draw of all funds at closing.
Open Ended Loan
Rates can change
monthly/annually
Interest rate caps
Multiple Options for
accessing funds
Line of Credit Growth
Great for clients needing
flexible amounts over time
More payout options.
14. Lump Sum
Draw all available funds at closing. Mandatory on Fixed Rate
loans.
Line of Credit
Payments made when the borrower requests disbursement as
long as there are available funds. LOC also has a growth feature
where the available LOC grows over time giving the borrower
access to additional funds.
Tenure
Equal monthly payments for as long as the borrower occupies
the property as his/her primary residence.
Term
Equal monthly payments over a fixed period of time
Modified Tenure or Term
Same characteristics as the Term or Tenure plan above, but
adding a line of credit feature
15. HECMS are non-recourse loans
HUD mandated counseling for all borrowers
NO pre-payment penalties
Fixed rates or interest rate caps
Origination Fee caps
Protection for Non-Borrowing Spouses
Pre-counseling, Application & Closing disclosures
required, as well as required Re-Disclosures
16. Payments are due monthly
Interest is included in the
payment paid to the lender
every month
Mortgage insurance is
included in the payment and
paid to the lender every
month
Traditional Mortgage
Payment is due when the
borrower no longer lives in
the home
Interest is ADDED to the
balance every month
Mortgage insurance is added
to the balance every month
Reverse Mortgage
17. Loan Example:
Youngest Borrower: Age 75
Property Value: $200,00
Annual ARM Interest Rate: 3.06%
PRINCIPAL LIMIT = $122,800
(Gross Benefit Amount)
*Calculations based on data as of 11/20/2014
19. FirstBank is a TN State chartered Depository Bank regulated by the TDFI
and the FDIC. A Reverse Mortgage is an FHA-insured loan
Homeowners must be 62 years of age of older and live in the home as
their primary residence. Homes must meet FHA/HUD minimum property
standards. Borrowers must maintain hazard and flood insurance
premiums, property taxes, utilities and make any property repairs.
Although there are no monthly principal and interest mortgage
payments, interest accrues on the portion of the loan amount disbursed.
Reverse mortgages can use up all or some of the equity in your home and
the amount you owe on a reverse mortgage grows over time. Loan must
meet underwriting requirements. Program rates, fees, terms and
conditions are not available in all states and subject to change. FirstBank
Mortgage is a division of FirstBank. All products and services offered
through FirstBank NMLS# 472433. This document is advertising by
FirstBank and is not from FHA/HUD. This document is not approved by
any government agency.