Purchase Your Next

HomeWITH A REVERSE

MORTGAGE LOAN

Upsize or Downsize into Your Dream Home

What is a REVERSE MORTGAGE LOAN?

BENEFITS of BUYINGIT’S TIME TO DO WHAT YOU WANT TO DOHere are a few things a reverse mortgage loan could help you with:

• Purchase in a 55 plus community

• Increase your purchasing power and flexibility

• No monthly mortgage payments (taxes, insurance, and maintenance required)

• Move closer to family, better weather, or a more appropriate home

• Purchase a home for 30-70% down*

• Close in as little as 17 days**

*The down payment required is determined on a number of factors, including borrower(s)’ age (and non-borrowing spouse’s age, if applicable); current interest rates; and the lesser of the home’s appraised value or purchase price.

**17 day close is based on receiving an appraisal within 10 days of ordering it with no contingencies.

SO YOU’RE LOOKING FOR A NEW HOUSE....

If you’re 62 or better, you can use a reverse mortgage loan to purchase a new home or turn your current home’s equity into cash. A reverse mortgage loan gives you the opportunity to potentially increase your purchase power or cash flow while eliminating monthly mortgage payments as long as you pay taxes and insurance, and maintain the home.Most, but not all, reverse mortgages today are federally insured through the Federal Housing Administration’s

Home Equity Conversion Mortgage (HECM) Program. This advertisement talks about HECM loans only.

Purchase Price $200,000

Purchase Price $300,000

Purchase Price $400,000

Purchase Price $500,000

Purchase Price $600,000

$123,491 $119,491 $112,491 $107,291 $99,091

$183,091 $177,091 $166,591 $158,791 $146,491

$242,691 $234,691 $220,691 $210,291 $193,891

$302,291 $292,291 $274,791 $261,791 $241,291

$361,891 $349,891 $328,891 $313,291 $288,691

Age of Youngest Borrower

62 Years Old 65 Years Old 70 Years Old 75 Years Old 80 Years Old

Faded portion of bar represents the estimated reverse mortgage funds

ESTIMATED CASH FROM BORROWER*

Purchase Price

Estimated Funds Required from the

Borrower at Closing*

Estimated Reverse Mortgage Available

Funds - =

This graph shows the estimated funds available from utilizing an FHA-insured reverse mortgage to purchase a home. This information is provided as a guideline and does not reflect the final outcome for any particular homebuyer or property. *The actual reverse mortgage available funds are based on current interest rates, current charges associated with the loan, borrower’s date of birth, the property sales price and standard closing costs. Interest rates and loan fees are subject to change without notice. Following the closing of the home purchase, no further principal or interest payments will be required as long as one borrower occupies the home as their primary residence and adheres to all HUD guidelines of loan. Borrower must remain current on property taxes, homeowner’s insurance and maintenance. The cost of any reverse mortgage loan depends upon how long the loan is kept and how much the property appreciates in value. Generally, the effective cost decreases across the life of the loan.

PURCHASE Power

20% DOWN

PAYMENT$120,000

Required 360 payments cash flow

$2,577 \ MONTH 5% Interest Rate,

5.0885% APR

$1,047,628

CASH PURCHASE

$600,000

REVERSE MORTGAGE LOAN

62 year old

Down Payment$369,000

$231,000* Loan

*Negative Amortization could cause the total amount due at the end of the loan to increase if optional** reverse mortgage

payments are not made.

Deborah is looking to purchase a home for $600,000 and is looking into several loan options. The graph above shows the total amount Deborah would pay over the 30 year life of the loan. The payments on the graph do not include taxes, insurance, and maintenance costs.

**Housing expenses must continue to be paid, such as property taxes and insurance (and homeowner association fees, if applicable), and home must be maintained.

PURCHASING OPTIONS & COMPARISONS

CASH OUTLAY OVER 30 YEARS

DOWNSIZINGCindy, who is 62, is selling her current home that is owned free and clear to move closer to her grandchildren. She would like to downsize when she moves and be able to set up an annuity for her grandchildren to help pay for college*. The community she would like to move to is more expensive than her current one. A reverse mortgage can allow her to purchase a home in the new community and be able to have money left over from the sale of her current house.

*The information in this advertisement does not constitute financial planning advice. Please consult a financial planner regarding purchasing an annuity and your specific retirement plan.

UPSIZINGJames and Mary, who are 62 and 59, want to move to a newly constructed home to retire. They want to keep the same size home they currently have, but home values are more than double in the new community compared to where they live currently. A Realtor® recommended to them that with a reverse mortgage for home purchase, they could buy a house similar to the one that they currently live in.

NOTE: One spouse must be 62 years or older to be eligible for a reverse mortgage.

In Texas both spouses must be 62 years or older.

$400,000

$391,400

$375,000

$600,000

Cindy could live in her current $400,000 home further away from her grandchildren.

James and Mary could continue to livein this $391,400 home.

She could downsize to a $375,000 home for $230,000 down that is closer to her grandchildren.

They could move to a $600,000 home for $391,400down with no monthly mortgage payments, exceptfor taxes, insurance, and maintenance.

– OR –

– OR –

CLIENT COULD DOWNSIZE HER $400,000 HOME, PURCHASE A $375,000 HOUSE AND HAVE $170,000 TO SPEND ON AN ANNUITY.

CLIENTS COULD SELL THEIR HOUSE FOR $391,400 AND PURCHASE A NEWLY CONSTRUCTED HOME FOR $600,000.

The houses and stories are used for illustration purposes only. Houses may not be available for purchase. This information is provided as a guideline; the actual reverse mortgage available funds are based on current interest rates, current charges associated with loan, borrower date of birth, the property sales price and standard closing cost. Interest rates and loan fees are subject to change without notice.

Questions About REVERSE MORTGAGE FOR PURCHASE When you purchase a home with a reverse mortgage, will the loan be held on your existing home or your newly purchased home? The reverse mortgage will be held on the newly purchased home as your primary residence. The down payment

you will need to bring to closing is usually between 30-70%.

How will the lender determine how much money you will need at closing? The required down payment on your new home is determined on a number of factors, including your age or

eligible non-borrowing spouse’s age, if applicable; current interest rates; and the lesser of the home’s appraised

value or purchase price.

What sources of funds (money) are allowed when you purchase a home with a reverse mortgage? The money must come from your liquid assets (bank accounts, CDs, retirement accounts, etc.) or from the

documented sale of other assets you may have (your present home for example).

Why is my down payment higher with a reverse mortgage? Your down payment is higher initially because you will not be required to make a mortgage payment (except for

taxes and insurance, and the home must be maintained). With a traditional mortgage, you would potentially lose

more in cash flow over the years because of the consistently required payments.

Remember the reverse mortgage for purchase also can allow you to purchase a more expensive home than what

you would otherwise be willing to commit to in payments for the next 20-30 years.

Eligibility:• One spouse must be 62 years or older to be eligible for a reverse mortgage. In Texas both spouses must be 62 years or older

• Home must be a primary residence (live there 6+ months per year)

• The property must be a single-family home, a 2 to a 4-unit dwelling or FHA-approved condo

• Must meet minimal credit and property requirements

• Must receive reverse mortgage counseling from a HUD approved counseling agency

• Must not be delinquent on any federal debt

WE'RE DEDICATED TO PROVIDING YOU AN AMAZING EXPERIENCE EVERY DAY.

Why work with Fairway Reverse Mortgage Planners?1. Professional team approach

2. Specialized training for Fairway's Reverse

Mortgage Planners

3. Trusted advisors know options & tools

4. National in-person appointments

Fairway at a GlanceAt Fairway Independent Mortgage Corporation,

customer service is a way of life. We are dedicated to

finding great rates and loan options for our customers

while offering some of the fastest turn times in

the industry. Our goal is to act as a trusted advisor,

providing highly personalized service and helping

you through every step of the loan process – from

application to closing and beyond. It’s all designed to

exceed expectations, provide satisfaction and earn

trust. Since opening our doors more than 20 years

ago, our team has helped thousands of Americans

achieve their dream of homeownership. Ranked as

one of the top 10 mortgage companies in America by

Mortgage Executive Magazine, we have funded more

than $26.7 billion in 2018 alone.

THE NEXT STEPS...

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