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© 2007 Capital Reverse Mortgage Group, Inc
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Detailed Description of Infinity Product
INFINITY is a commercially sponsored program that supplies reverse mortgages for higher
value homes.
To qualify for an INFINITY VARIABLE reverse mortgage the following is necessary:
All persons named on the title must be at least 62, there is no maximum age.
One person minimum must call the home their permanent residence.
One person minimum must live in the home for some period every year.
There must be sufficient equity in the home to justify a reverse mortgage.
Example: approximately 50% equity at age 80
approximately 65% equity at age 62
IMPORTANT!
The homeowner continues to own the home: it is not transferred to the bank.
The homeowner continues to profit from increases in equity, not the bank.
There no taxes paid on the money from a reverse mortgage.
This is a “non-recourse” loan, which means that no asset of the homeowner is pledged
except the equity in the home. Nothing else is involved, ever.
CHOICES!
There are two ways to receive money from a reverse mortgage:
1. All cash in one lump sum paid at funding.
2. All funding put on a line of credit usable whenever needed.
PROTECTIONS!
There are protections that are built into an INFINITY reverse mortgage.
Before a reverse mortgage can be even initiated the homeowner must
receive a counseling session by an independent organization, to
assure that the homeowner knows both the plusses and minuses of a
reverse mortgage before they commit to one. The counseling session
can be either by phone or face to face, at the homeowners choice.
The specific funding agency will determine the independent agency to provide the
counseling session. Make sure that you receive a certificate of completion.
OTHER QUALIFICATIONS!
There is no maximum age limit for obtaining a reverse mortgage.
There is no health requirement for obtaining a reverse mortgage.
There is no income requirement for obtaining a reverse mortgage.
There is no credit or other additional equity needed to qualify.
OTHER FACTS ABOUT REVERSE MORTGAGES!
A reverse mortgage does not affect your Social Security eligibility or payment.
A reverse mortgage dies not affect your Medicare eligibility in any way.
There are no restrictions on how you use the funds received.
The maximum amount fundable is determined by the lending agency, no set limit.
The types of homes that are eligible for a reverse mortgage are:
Single Family Residence (SFR)
Condominiums and Townhomes
1-4 unit houses
Planned Urban Development (PUD)
Different funders allow various additional homes, check if not one of the above.
ADDITIONAL FACTS ABOUT REVERSE MORTGAGES!
The only out of pocket expense paid by the homeowner is for the original
appraisal, no other charges are allowed. For homes over $2,000,000, a second
appraisal will be conducted, paid for by the lending agency. With the passage of the new
"FHA Modernization Bill" there may be, from some funders, a charge for the counseling
session, check to make sure if it applies in your situation.
The homeowner must maintain current taxes paid and homeowners insurance
on the home and continue reasonable maintenance on the home.
PRACTICAL LIMITS OF INFINITY REVERSE MORTGAGES!
The minimum property value should be about $600,000, varying somewhat
due to age and location. The maximum property value is only determined
by the ability of a specific funding to meet economic parameters, there is no
set maximum limit, although specific programs do have established limits.
CLOSING OUT OF THE REVERSE MORTGAGE!
The reverse mortgage is due on one of the following events:
When the last person named on the deed permanently moves away.
When the last person named on the deed passes.
If the taxes, insurance and maintenance are not maintained.
If the homeowner is absent from the property for more than one year.
When the reverse mortgage is closed out the following transpires:
The person has the choice of:
Keeping the home and paying off the amount of the loan.
Selling the home and paying off the loan.
Money in excess of the loan payoff is the homeowners.
If the home passes to heirs the following transpires:
The heirs have the choice of keeping the home and paying off the loan.
The heirs can sell the home and pay off the loan amount.
Time will be given the heirs, if necessary, to complete a sale.
Money in excess of the loan amount is the property of the heirs/estate.
In all cases, the homeowner owns the home and is due all monies in excess
of the loan payoff amount, as the home and its equity remains the
homeowners at all times.
Other terms and conditions apply and are subject to change at the direction of each funder.
Original interest rate is adjusted weekly and subject to change monthly.
The INFINITY FIXED rate reverse mortgage is similar to the VARIABLE but may allow owners to
be as young as 60 years of age. There are other variances from the variable, your specific
circumstance will determine the exact terms.
INFINITY is a commercially sponsored program that supplies reverse mortgages for higher
value homes.
To qualify for an INFINITY VARIABLE reverse mortgage the following is necessary:
All persons named on the title must be at least 62, there is no maximum age.
One person minimum must call the home their permanent residence.
One person minimum must live in the home for some period every year.
There must be sufficient equity in the home to justify a reverse mortgage.
Example: approximately 50% equity at age 80
approximately 65% equity at age 62
IMPORTANT!
The homeowner continues to own the home: it is not transferred to the bank.
The homeowner continues to profit from increases in equity, not the bank.
There no taxes paid on the money from a reverse mortgage.
This is a “non-recourse” loan, which means that no asset of the homeowner is pledged
except the equity in the home. Nothing else is involved, ever.
CHOICES!
There are two ways to receive money from a reverse mortgage:
1. All cash in one lump sum paid at funding.
2. All funding put on a line of credit usable whenever needed.
PROTECTIONS!
There are protections that are built into an INFINITY reverse mortgage.
Before a reverse mortgage can be even initiated the homeowner must
receive a counseling session by an independent organization, to
assure that the homeowner knows both the plusses and minuses of a
reverse mortgage before they commit to one. The counseling session
can be either by phone or face to face, at the homeowners choice.
The specific funding agency will determine the independent agency to provide the
counseling session. Make sure that you receive a certificate of completion.
OTHER QUALIFICATIONS!
There is no maximum age limit for obtaining a reverse mortgage.
There is no health requirement for obtaining a reverse mortgage.
There is no income requirement for obtaining a reverse mortgage.
There is no credit or other additional equity needed to qualify.
OTHER FACTS ABOUT REVERSE MORTGAGES!
A reverse mortgage does not affect your Social Security eligibility or payment.
A reverse mortgage dies not affect your Medicare eligibility in any way.
There are no restrictions on how you use the funds received.
The maximum amount fundable is determined by the lending agency, no set limit.
The types of homes that are eligible for a reverse mortgage are:
Single Family Residence (SFR)
Condominiums and Townhomes
1-4 unit houses
Planned Urban Development (PUD)
Different funders allow various additional homes, check if not one of the above.
ADDITIONAL FACTS ABOUT REVERSE MORTGAGES!
The only out of pocket expense paid by the homeowner is for the original
appraisal, no other charges are allowed. For homes over $2,000,000, a second
appraisal will be conducted, paid for by the lending agency. With the passage of the new
"FHA Modernization Bill" there may be, from some funders, a charge for the counseling
session, check to make sure if it applies in your situation.
The homeowner must maintain current taxes paid and homeowners insurance
on the home and continue reasonable maintenance on the home.
PRACTICAL LIMITS OF INFINITY REVERSE MORTGAGES!
The minimum property value should be about $600,000, varying somewhat
due to age and location. The maximum property value is only determined
by the ability of a specific funding to meet economic parameters, there is no
set maximum limit, although specific programs do have established limits.
CLOSING OUT OF THE REVERSE MORTGAGE!
The reverse mortgage is due on one of the following events:
When the last person named on the deed permanently moves away.
When the last person named on the deed passes.
If the taxes, insurance and maintenance are not maintained.
If the homeowner is absent from the property for more than one year.
When the reverse mortgage is closed out the following transpires:
The person has the choice of:
Keeping the home and paying off the amount of the loan.
Selling the home and paying off the loan.
Money in excess of the loan payoff is the homeowners.
If the home passes to heirs the following transpires:
The heirs have the choice of keeping the home and paying off the loan.
The heirs can sell the home and pay off the loan amount.
Time will be given the heirs, if necessary, to complete a sale.
Money in excess of the loan amount is the property of the heirs/estate.
In all cases, the homeowner owns the home and is due all monies in excess
of the loan payoff amount, as the home and its equity remains the
homeowners at all times.
Other terms and conditions apply and are subject to change at the direction of each funder.
Original interest rate is adjusted weekly and subject to change monthly.
The INFINITY FIXED rate reverse mortgage is similar to the VARIABLE but may allow owners to
be as young as 60 years of age. There are other variances from the variable, your specific
circumstance will determine the exact terms.
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