Reverse Mortgage

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Reverse Mortgage

A reverse mortgage is a special type of home loan that lets a
homeowner convert a portion of the equity in his or her home
into cash. The equity built up over years of home mortgage
payments can be paid to you. But unlike a traditional home
equity loan or second mortgage, no repayment is required
until the borrower(s) no longer use the home as their principal
residence. HUD's reverse mortgage provides these benefits, and it is federally-insured as well.

Reverse mortgages allow seniors to use the equity they've accumulated in their home over the years
to improve their quality of life and knock down the financial barriers to independent living. By
converting equity into income, a reverse mortgage is a way to stay in your home and receive cash to
use for any purpose. You can use it for day-to-day living expenses, home remodeling or repair,
healthcare needs, paying off existing debt, earning a college degree, or traveling the world. Best of all,
you retain the title and you remain in your home.

Reverse Mortgages are helping older Americans across the country achieve greater financial security
and enjoy their retirement yours to the fullest. Imagine having the income you need to remain living
comfortably in you home in retirement - an at the same time make much needed repairs or
renovations, afford quality home healthcare, or even vacation with family and friends. Nearly 150,000
older Americans have done that thanks to the reverse mortgage, a unique financial security tool that
gives older Americans the freedom and peace of mind to fully enjoy the retirement years.

What is Reverse Mortgage? Call 1-800-928-6154

Cohen Financial Group Suite of HECM Products - Home Equity
Conversion Mortgage (HECM) Reverse Mortgages

A Home Equity Conversion Mortgage (HECM) is a federally insured reverse
mortgage. Over ninety percent of all reverse mortgages are HECMs. The Federal
Housing Administration (FHA) sets limits on how much a HECM reverse mortgage
lender may lend you—based on your age, your home's value and location—and
what your total loan costs will be. HECM loans give you a wide choice in how you
may receive the cash from the reverse mortgage.

Cohen Financial Group examined all aspects of the reverse mortgage and its
cost structure to identify multiple opportunities to enhance benefits and reduce cost
beyond just simply reducing the margin. As a result, we now offer variable and fixed
rate HECMs under our suite of HECM products. Monthly and annually adjustable
options available based on the One Year CMT index or the One Month LIBOR index
plus a margin.

The new HECM fixed provides the assurance of a fixed rate for
the life of the loan.

For home values under $400,000, HECM products generally provide larger loan
advances than other reverse mortgages. [An exception is Cohen Financial Group
Cash Account Advantage Plan reverse mortgage which may offer cash advance
opportunities significantly higher than other reverse mortgage products.

Fannie Mae Home Keeper® Reverse Mortgage

A Home Keeper® reverse mortgage is Fannie Mae's conventional market
alternative to the Home Equity Conversion Mortgage (HECM). It is a
government-sponsored enterprise program and works like a HECM loan in many
ways. However, a Home Keeper® reverse mortgage addresses a few needs that
are not met by HECM loans, such as individuals with higher property values,
condominium owners, and seniors wishing to use a reverse mortgage to purchase
a new home.

The current (2007) lending limit with a Home Keeper® reverse
mortgage is $417,000.
Cohen Financial Group Cash Account Advantage Plan
Cohen Financial Group proprietary Cash Account Advantage Plan reverse
mortgages have been designed especially for senior with substantial home equity
or higher-valued homes. No other reverse mortgage lender offers a jumbo loan
product comparable to the Cash Account Advantage Plan and its options.

Cohen Financial Group Cash Account Advantage Plan reverse mortgages
have virtually no limit on home value or the amount of the loan. As a result, the
amount of money available to the homeowner may be substantially greater with a
Cash Account Advantage Plan reverse mortgage than with other options.

Cash Account Advantage Plan features a number of options that allow you to
maximize the benefits depending on your unique needs, including eliminating
upfront fees and closing costs. Currently there are three available options: the
Credit Line Option, the Combo Option, and the Cash Out Option. With all Cash
Account Advantage Plan reverse mortgage options, the rate is reset semiannually;
there is also a lifetime interest rate cap. A servicing fee is automatically financed on
the account each month.

In addition, there is no equity or appreciation sharing and no maturity fee.

Available for all Cash Account Options, Equity Choice Feature allows the
borrower to limit the loan obligation to a stated percentage of the full market value of
the home resulting in the amount of the loan or line of credit being less than the
amount for which the borrower otherwise qualifies. Borrowers may choose to
protect a minimum of 10% up to a maximum of 50% of their home equity. This
permits greater flexibility assuring a percentage of equity remaining to benefit the
borrower or heirs upon loan maturity.

Click here to go to Frequently Asked Questions (FAQs) about our reverse
mortgages.

Cohen Financial Group

Reverse Mortgage Specialist