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Finale Document Services © 7848 08/11 LPC
January 12, 2013
Reverse Mortgage Benefit Comparison
Loan #: Rates On: 01/12/2013 County: Seminole
Borrower Info: Est. Closing: 03/13/2013 Youngest
Birth Date:
01/01/1948
Lowest Rate and Cost
Loan Terms Saver Fixed-5.06%
$0 C
Initial Index Rate: 5.060%
Margin:
--Initial Interest Rate: 5.060%
Annual M.I.: 1.250%
Expected Interest Rate: 5.060%
Rate Cap:
--Credit Line Growth Rate:
--Monthly Service Fee: $0.00
Home Value: $625,500.00
Purchase Price: $200,000.00
Lesser of Home Value or Purchase Price $200,000.00
Home Value Limit: $625,500.00
Lesser of Home Value/Purchase Price/Home Value Limit:
$625,500.00
Principal Limit: $332,766.00
Less Service Fee Set Aside: (Equity Reserve) $0.00
Available Principal Limit: $332,766.00
Plus Lender Credit: $0.00
Less Origination Fee: $0.00
Less Mortgage Insurance: $62.55
Less Other Closing Costs: $10,783.80
Total Net Closing Costs: $10,846.35
Net Available Loan Proceeds: $321,919.65
Less Tax/Insurance Set Aside:
--Less Repair Set Aside:
--Less Purchase Price: $200,000.00
Total Down Payment Amount:
--Net Principal Limit: ($303,580.35)
Cash Due from Borrower $303,580.35
Desired Credit Line:
--Monthly Payment:
--Monthly Term:
--Monthly Savings:
--The figures on this page are estimates based on a variety of assumptions that are subject to change, including an interest rate date of 01/12/2013, program home value limits as of 01/12/2013, and the youngest borrower’s birth
date of 01/01/1948. Total compensation to the broker may increase or decrease for adjustable rate loans
depending on multiple factors, including the interest rate selected.
Fixed Rate Saver Program with NO ORIGINATION FEE & .01% UPFRONT FHA Mortgage Insurance Premium
$625,500.00
$625,500.00
Title Company Settlement Charges ESTIMATE
HUD-1
Line GFE / HUD
Name: Borrower Name Reverse Mortgage
Max Loan: 625,500.00
Recorded Mortgage Amount(150%): 938,250.00 202 Title+Lender
1) Closing Fees GFE #4 / 1101
Settlement Fee 595.00 1101 $ 4,220.25 2) Title Insurance Rates for $625500
0-100,000 5.75 per $1000 (min $100) 575.00 100,000 - 1 million $5.00 per $1000 2,627.50 1-5 Million 2.50 per $1000
5-10 million 2.25 per $1000
Over 10 million 2.00 per $1000 Owners Title
Simultaneous Policy (i.e.. Owner & Loan Policies) 25.00 GFE #5 / 1103 Insurance Rate: 3,227.50 1108 $ 3,202.50 Insurance Endorsements
ALTA 4.1 Condo ($25) -ALTA 5.1 PUD ($25) x 25.00 ALTA 6.0 Negotiable Rate Mortgage ($25) -ALTA 6.1 Variable Rate Mortgage ($25) -ALTA 6.2 Negative Amortization Mortgage ($25) -ALTA 7.0 Manufactured Housing ($25) -ALTA 8.1 Environmental Protection Liens ($25) x 25.00 Florida Form 9 (10% of insurance rate) (MP) x 322.75 Reverse Mortgage x 25.00 397.75
1111 3) State Doc Stamps / Tax
Note .35 per $100 or fraction on $938250 3,284.05 1203 Tfr Taxes Mortgage Intangible = .002 x $938250 1,876.50 1202 GFE #8 / 1203
5,160.55
$ 5,160.55 4) Recording Fees
Mortgage to Bank Pages: 15 129.00
Mortgage to HUD Pages: 15 129.00 Recording Affidavits @ 18.50 ea Qty: 2 37.00 GFE #7 / 1201
295.00
1201 $ 295.00
5) Third Party Fees Estimates Services
Survey (no survey required for condo) x 350.00 1301 GFE #6 / 1301*
Pest Inspection 1303 $ 350.00
Roof Inspection 1304
Estoppel Fee ($75-$300) (Condo or H.O.A.) 1305
Summary: Title Company Settlement Charges
1) Settlement Fee and Title Examination 595.00 2) Total Insurance Premiums 3,625.25 3) Doc Stamps and Intangible Tax 5,160.55 4) Recording Fees 295.00 5) Third Party Fees 350.00
Total Estimate Non Lender Closing Cost 10,025.80 $ 10,025.80 MP = Mortgage Policy
Mortgage Lender & FHA UPFRONT MIP Settlement Charges
Counseling 150.00 Origination: Variable Rate (with Saver Plan) - Doc Prep 100.00 Origination: Fixed Rate (with Saver Plan) x 0.00 Flood Cert 8.00
Credit Report 25.00 Saver Plan UPFRONT .01% MIP x 62.55 Appraisal 475.00 Total Estimate Lender Closing Cost + Total Other Costs 820.55 Total Other Costs: 758.00 Total Estimate Non Lender plus Lender Closing Costs 10,846.35
* Charges That Can Change Unless Selected by Lender
Loan Number:
Ì0000000000GEN104\Î
Finale Document Services © 2005 03/06 Application Date: 01/12/2013 Page 1 of 2 HECM Amortization Schedule
FHA's Home Equity Conversion (HECM) Loan
HECM Fixed Date: January 12, 2013
Estimated Amortization Schedule for:
This Schedule Assumes an Interest Rate of 5.060% and Home Price Appreciation of 4.0% Additional Assumptions:
Age of Youngest Borrower: 65 Financed Closing Cost: $ 10,846.35
Initial Cash Withdrawal: $ 0.00 Monthly Cash to Homeowner: $ 0.00
Due from Borrower at Closing: $ 303,580.35 Monthly Servicing Fee: $ 0.00
Lien Payoffs: $ 321,919.65
Notes: Actual interest charges and home value projections may vary from amounts shown. Cash To Homeowner includes monthly cash, creditline draws and any tax and insurance payments made from set-aside. Available credit will be less than projected if funds are withdrawn from the line-of-credit.
Year Age Service Fee
Cash Adv.
MIP Interest Loan Balance
Remaining Credit Line
Principal Limit
Home Value Net Equity
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,282 $4,560 $4,856 $5,172 $5,508 $5,866 $6,247 $6,652 $7,084 $7,545 $8,035 $8,557 $9,112 $9,704 $10,335 $11,006 $11,721 $12,482 $13,293 $14,157 $15,076 $16,055 $17,098 $18,209 $19,392 $20,652 $21,993 $23,422 $24,943 $26,563 $28,289 $30,126 $32,083 $34,167 $0 $17,334 $18,460 $19,659 $20,936 $22,295 $23,744 $25,286 $26,929 $28,678 $30,541 $32,524 $34,637 $36,887 $39,283 $41,835 $44,552 $47,446 $50,528 $53,811 $57,306 $61,028 $64,993 $69,214 $73,710 $78,498 $83,597 $89,028 $94,811 $100,969 $107,528 $114,513 $121,951 $129,873 $138,309 $332,766 $354,382 $377,401 $401,916 $428,024 $455,827 $485,436 $516,969 $550,550 $586,312 $624,397 $664,956 $708,150 $754,149 $803,137 $855,306 $910,865 $970,032 $1,033,043 $1,100,146 $1,171,609 $1,247,713 $1,328,761 $1,415,074 $1,506,994 $1,604,884 $1,709,133 $1,820,153 $1,938,385 $2,064,298 $2,198,389 $2,341,190 $2,493,267 $2,655,223 $2,827,699 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $332,766 $354,382 $377,401 $401,916 $428,024 $455,827 $485,436 $516,969 $550,550 $586,312 $624,397 $664,956 $708,150 $754,149 $803,137 $855,306 $910,865 $970,032 $1,033,043 $1,100,146 $1,171,609 $1,247,713 $1,328,761 $1,415,074 $1,506,993 $1,604,884 $1,709,132 $1,820,153 $1,938,385 $2,064,297 $2,198,389 $2,341,190 $2,493,267 $2,655,223 $2,827,699 $625,500 $650,520 $676,541 $703,602 $731,747 $761,016 $791,457 $823,115 $856,040 $890,282 $925,893 $962,929 $1,001,446 $1,041,503 $1,083,164 $1,126,490 $1,171,550 $1,218,412 $1,267,148 $1,317,834 $1,370,548 $1,425,369 $1,482,384 $1,541,680 $1,603,347 $1,667,481 $1,734,180 $1,803,547 $1,875,689 $1,950,716 $2,028,745 $2,109,895 $2,194,291 $2,282,062 $2,373,345 $292,734 $296,138 $299,140 $301,686 $303,723 $305,189 $306,021 $306,146 $305,490 $303,970 $301,496 $297,973 $293,296 $287,354 $280,027 $271,184 $260,685 $248,380 $234,105 $217,688 $198,939 $177,656 $153,623 $126,606 $96,353 $62,597 $25,047 $0 $0 $0 $0 $0 $0 $0 $0
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Finale Document Services © 4019 06/12 Print Date: November 17, 2012 Page 1 of 3
FLORIDA
HUD Approved HECM Counseling Agencies
National Counseling Agencies
National Foundation for Credit Counseling, Inc.
(866) 698-6322 http://www.nfcc.org/
Money Management International, Inc.
(877) 908-2227
http://www.moneymanagement.org/
National Council on Aging
(800) 510- 0301 http://www.ncoa.org
CCCS of Atlanta dba CredAbility
(866) 616- 3716 http://www.cccsatl.org/
ClearPoint Financial Solutions
(877) 877-1995
http://www.bydesignsolutions.org/housing-solutions/
Springboard
(800) 947-3752 http://springboard.org/
Neighborhood Reinvestment Corporation
(888)-990-4326 (HECM) http://www.nw.org/ HomeFree (301) 891-8423 http://www.homefreeusa.org/ Greenpath (888) 860-4167 http://www.greenpath.com/
State and Local Counseling Agencies
Agency Name: CCCS OF WEST FL - MAIN OFFICE
Agency ID: 80058
Address: 14 PALAFAX PLACE
PENSACOLA, FL 32502-5628
Phone: (850) 434-0268 ext 206
Website: http://www.cccswfl.org
Agency Name: FAMILY COUNSELING CENTER OF BREVARD, INC
Agency ID: 80362
Address: 840 BREVARD AVE
ROCKLEDGE, FL 32955-2149
Phone: (321) 255-9115
Website: http://www.cccsbrevard.com
Agency Name: HOUSING AND NEIGHBORHOOD DEVELOPMENT SERVICES OF CENTRAL FLORIDA, INC.
Agency ID: 80757
Address: 1707 ORLANDO CENTRAL PKWY, SUITE 305
ORLANDO, FL 32809-5759
Phone: (407) 447-5686
Website: https://www.cflhands.org
Agency Name: CCCS OF JACKSONVILLE D/B/A FAMILY FOUNDATIONS OF NORTHEAST FLORIDA, INC.
Agency ID: 80776
Address: 1639 ATLANTIC BLVD
JACKSONVILLE, FL 32207-3346
Phone: (904) 396-4846
Website: http://www.familyfoundations.org
Agency Name: CATHOLIC CHARITIES DIOCESE OF VENICE, INC.
Agency ID: 81049
Address: 1219 16TH STREET WEST
BRADENTON, FL 34205-6505
Phone: (941) 714-7829
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Agency Name: TALLAHASSEE LENDERS CONSORTIUM, INC.
Agency ID: 81190
Address: 224 OFFICE PLAZA
TALLAHASSEE, FL 32301-2808
Phone: (850) 222-6609 ext 104
Website: http://www.tallahasseelenders.org
Agency Name: JACKSONVILLE AREA LEGAL AID, INC.
Agency ID: 82224
Address: 126 W ADAMS ST
JACKSONVILLE, FL 32202-3849
Phone: (904) 356-8371
Website: http://www.jaxlegalaid.org
Agency Name: H.E.L.P. COMMUNITY DEVELOPMENT CORP.
Agency ID: 83570
Address: 63 E KENNEDY BLVD, SUITE 100-B
EATONVILLE, FL 32751-5345
Phone: (407) 628-4832
Website: http://www.helpcdc.org
Agency Name: CREDIT CARD MGMT SVCS, INC D/B/A DEBTHELPER.COM
Agency ID: 83706
Address: 1325 N CONGRESS AVE, STE 201
WEST PALM BEACH, FL 33401-2005
Phone: (800) 920-2262
Website: http://www.debthelper.com
Agency Name: NATIONAL FOUNDATION FOR DEBT MANAGEMENT
Agency ID: 83885
Address: 14104 58TH ST N
CLEARWATER, FL 33760-3758
Phone: (866) 395-5769
Website: http://www.nfdm.org
Agency Name: DEBT MANAGEMENT CREDIT COUNSELING CORP
Agency ID: 83981
Address: 3310 NORTH FEDERAL HIGHWAY
LIGHTHOUSE POINT, FL 33064-6742
Phone: (954) 418-1466
Website: http://www.dmcconline.org
Agency Name: CONSUMER CREDIT MANAGEMENT SERVICES, INC
Agency ID: 84193
Address: 315 NE 2ND AVE
DELRAY BEACH, FL 33444-3801
Phone: (561) 278-4097
Website: http://www.debt-mgt.org
Agency Name: TRINITY EMPOWERMENT CONSORTIUM, INC.
Agency ID: 84254
Address: 15260 SW 280TH ST, STE 206
HOMESTEAD, FL 33032-8187
Phone: (305) 248-4553
Website: http://www.trinityempowers.org/
Agency Name: HOUSING FOUNDATION OF AMERICA
Agency ID: 84470
Address: 2400 N UNIVERSITY DRIVE, # 200
PEMBROKE PINES, FL 33024-3629
Phone: (954) 923-5001
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Agency Name: CONSOLIDATED CREDIT COUNSELING SERVICES, INC.
Agency ID: 84804
Address: 5701 WEST SUNRISE BLVD
PLANTATION, FL 33313-3801
Phone: (800) 435-2261
Website: http://www.consolidatedcredit.org/hud
The undersigned hereby acknowledges receipt of this list of HUD Approved HECM Counseling Agencies provided by the Lender, that we may use to choose, at our discretion and of our choice, a prospective Counseling Agency from.
