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The Basics

• Introduction
• Overview
• Typical Uses & Scenarios
• Reverse Mortgage Products
• Common Misconceptions
• Frequently Asked Questions

The Basics: Introduction

Two Countrywide family companies - Countrywide Bank, FSB and Countrywide Home Loans, a Division of Countrywide Bank, FSB - have teamed together to offer reverse mortgage products through Countrywide Bank. Education is critical and Countrywide is committed to helping seniors make informed decisions and understand their home loan choices. Each reverse mortgage program is designed to add flexibility to your finances by supplementing your monthly income to help you effectively manage your expenses. To help you decide whether this loan program is right for you, we’ve provided this comprehensive yet easy-to-understand online guide. It covers the key elements of reverse mortgages and answers many of the questions you may have, including:

• What is a reverse mortgage?
• What are the advantages of a reverse mortgage?
• What are the qualification requirements?
• What should I know before taking out a reverse mortgage?

As with any decision-making process, the better informed you are, the more confident you'll feel about your decision. That's why we not only offer the basic information that you’ll find here, but also Reverse Mortgage Specialists who can provide more details and help you identify whether this financing option meets your particular needs and goals.

The following are some important points to discuss with your Reverse Mortgage Specialist:

• Payment Plans — Options and changes
• Initial Lump Sums — Advantages, disadvantages, and timing
• Credit Lines — Advantages, disadvantages, growth, and access
• Itemized Costs — Costs that are deducted from your proceeds
• Your Property — Type and condition

In addition to speaking with your Reverse Mortgage Specialist, you're also encouraged to consult with your family, a financial or tax advisor, and other resources to fully explore your options. Important considerations include:

• Have you looked into state or local programs that might provide funds for home repair or property tax deferral?
• Have you considered other types of mortgage loans such as refinancing, a home improvement loan, or an equity line of credit to obtain needed funds?
• Have you investigated social services benefits that may be available such as Supplemental Security Income (SSI), Medicaid, MediCal, Veterans Benefits, and widow/widower benefits?
• Have you compared the costs and benefits of selling your home to the benefits you would receive from a reverse mortgage?
• Have you considered purchasing a traditional annuity?

If you have answered yes to most or all of the above questions, then you are prepared to take the next step in learning more about reverse mortgages. Also, a reverse mortgage has implications for estate planning and your heirs. You should carefully consider discussing these with your family members.

Because Countrywide supports informed decisions, we are committed to giving you the information and tools you need to help you make the right decision for your particular circumstances. Besides this online guide, which contains the basics about reverse mortgages, our specialists are also available to give you more details and answer any questions you may have.

To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.

Contact a Specialist 1-800-959-3789

http://www.countrywiderm.com/basics/default.aspx