Nick Brochure

About Reverse Mortgages:

• Ownership does not change

• No monthly principal and

interest mortgage payment

• Remain in your home

• Supplement your income

• Most loans insured by FHA

• Pay off your existing mortgage

A Reverse Mortgage is a home equity loan available only to those that are 62 and above. It provides a portion of your home equity as tax free income to payoff an existing mortgage, or enjoy a better retirement and lifestyle. There is never a monthly mortgage payment required! You are still the owner of your home.

Although qualifications do apply, this loan is still considerably less difficult than a traditional Home Equity Loan.

Please call me today for more information:

Nick Gamboa

Residential Mortgage Loan Originator

NMLS ID: 461536

(214)551-7560

nick@srfreedom.com

2505 Wanakah Ridge Dr

Cedar Park, TX 78613

FHA insures fixed interest rate reverse mortgages, as well as annual and monthly adjustable interest rate reverse mortgages. Borrowers have the ability to change the way they receive payments from their HECM at any time provided funds are available. Fixed interest rate reverse mortgages are limited to a Single Disbursement Lump Sum Payment option where there is a single, full draw at loan closing and the mortgage does not provide for future draws by the borrower under any circumstances. Adjustable interest rate reverse mortgages provide for five, flexible payment options, all allow for future draws of available funds. The amount of funds available to the borrower is currently determined by the age of the youngest borrower (or Non-Borrowing spouse for FHA case numbers assigned after August 4, 2014). The disbursement of mortgage proceeds during the first twelve-month disbursement period is subject to an initial disbursement limit as determined by requirements set by the Secretary of HUD in Mortgagee Letter 2013-27. The borrower has the statutory right to select his or her interest rate (fixed or adjustable) at the time the mortgage is originated. For borrowers who select an adjustable interest rate loan, the borrower has the ability to change payment plans at any time throughout the life of the loan, provided funds are available to be withdrawn. The borrower has the right to determine what amount, if any, to draw from the loan, over and above what is necessary for the payment of mandatory obligations and subject to the draw limits. This brochure was not created by HUD or FHA and has not been approved by HUD or any government agency.