SMA Brochure-Healthcare2

SENI R

MORTGAGE ADVISORS

PROVIDING INTELLIGENT FINANCING
SOLUTIONS FOR THOSE 62 AND ABOVE

Are you emotionally and financially prepared to place
your parent or loved one into a nursing home? 

Are you unsure how to afford the care that they deserve? 
Did you know that Medicaid could take your home, even
your investments, if you are not prepared to pay for the

high costs of assisted living or full time care?

www.SeniorMortgageAdvisors.com

At Senior Mortgage Advisors
we feel that every eligible
senior deserves to know

that this special government
insured program is available

for them and how it could
possibly change their

financial life for the better.

“Reverse mortgages can provide cash when
other sources of retirement income come up
short to provide money for out-of- pocket health
care costs or other sudden financial crunches.”

New York Times – July 2016

A Government-Insured HECM Reverse
Mortgage (Home Equity Conversion
Mortgage) is specifically designed for those 62
and above. It provides the flexibility to use your
funds when and how you choose – giving you
more money, security and peace of mind.

With recent government changes with
Reverse Mortgages, it’s more important than
ever to make decisions based upon today’s
facts rather than outdated information.

The HECM Reverse Mortgage has been
redesigned to provide even greater help to
seniors. As a result, it can be an effective option
to assist in the retirement years that you intend
to enjoy.

With a HECM, you still own
your home. You maintain the
title and ownership during the
life of the loan and can sell your
home at any time without penalty.

“A HECM is a “non-recourse” loan which
means whenever the home is sold, the only
collateral is the home. You (or your heirs) only
pay back the loan balance or the value of the
property - whichever is less. Furthermore,
you never pay any amount owed above the
sales price (if any exists) and your personal

assets (such as life insurance or
investments) are never used to

repay back the loan.”

A HECM Reverse Mortgage can be used to pay for home
modifications to better equip the home for whatever
health need may need addressed.

HECM’s Offer Flexible
Disbursement Options
• Lump sum payout (for any large expenses)
• Monthly payments (2 choices - for a set period

of years or for as long as you live in the home)
• An annually growing line of credit (so you can

access the funds whenever a need arises)

SENI R

MORTGAGE ADVISORS

Being able to “age in place” helps enhance a

senior’s quality of life by empowering them to

continue living in their comfortable and familiar

environment while preserving community

connections. It allows them to feel independent

while remaining close to family

and friends, residing in a

home that may have

emotional value for With a HECM Loan:

them. A. Your existing monthly

mortgage payment is eliminated.

B. You can stay in your home
as long as you wish AND

maintain ownership on title.

C. The proceeds you receive
are tax-free and can be used

anyway that you choose.

D. Your loan is insured by
the Federal Government.

Why us? It’s much more than providing

financial solutions and being good at what we
do. It’s about having empathy & compassion for

our clients and their families. We believe that
getting a reverse mortgage is a “face to face -
kitchen table” discussion that often includes our

client’s family members or trusted friends.

If you desire the same compassion,
counseling and hand holding that we would
provide our very own parents or grandparents

– then you will love working with us!

www.SeniorMortgageAdvisors.com

According to a 2015
report from the Federal
Government, “70% of
seniors over age 65 will
need some form of long
term care” and “72%
become impoverished
after just 1 year of
nursing home care”.

“Many older Americans are home-rich and
cash-poor, and could use their home equity to
help fund their retirement, according to a recent
report on American's retirement challenges.
Financially strapped Americans in this situation
may be making a mistake by not considering

prudent uses for their home equity.”

CBS Moneywatch July 2016

Harvard University’s Joint
Center for Housing Studies
wrote this in a 2016 report:
“reverse mortgage’s can be a
financially realistic solution to
the U.S. Aging in Place Crisis”.

www.SeniorMortgageAdvisors.com

To Learn More Please Call:

TONY CICCARELLI

330-492-1400

Toll Free: 800-769-9301

Email: [email protected]
Senior Mortgage Advisors NMLS#: 1563449
Loan Officer NMLS#: 35712

Senior Mortgage Advisors, LLC is federally licensed as NMLS#1563449. Headquartered
at 2867 Mount Pleasant St NW. North Canton, OH 44720 and does business in various
states where they are legally licensed. To see a comprehensive list of individual state
licenses, visit www.SeniorMortgageAdvisors.com or www.nmlsconsumeraccess.org. With
a HECM Reverse Mortgage, you must live in the home as your primary residence, continue
to pay the property taxes, homeowners insurance, and maintain the home according to
Federal Housing Administration requirements otherwise the loan could become due and
payable. A HECM reverse mortgage increases the principal mortgage loan amount and
decreases home equity (it is a negative amortization loan). Senior Mortgage Advisors
works with several national lenders and financial institutions that offer reverse mortgages.
To process your request for a HECM reverse mortgage, Senior Mortgage Advisors may
forward your contact information to such lenders for your consideration to obtain a HECM
reverse mortgage. Borrowers are responsible for paying property taxes and homeowner’s
insurance (which may be substantial). We do not establish an escrow account for
disbursements of these payments. A “set-aside” account can be set up to pay taxes
and insurance and may be required in some cases. The proceeds of a HECM Reverse
Mortgage are tax-free. Consult your tax advisor and any appropriate government agencies
for any effect on government benefits. A HECM Reverse Mortgage must payoff all existing
mortgages. With a HECM Reverse Mortgage, no monthly payment is required though
you can pay one of you wish. The loan also becomes due and payable when the last
borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently
moves out, defaults on taxes or insurance payments, or does not otherwise comply with
the loan terms. FHA insures fixed interest rate HECM Reverse Mortgages as well as annual
and monthly adjustable interest rate HECMs. The mortgagor (borrower) has the ability to
change the payment plan under the HECM Reverse Mortgage at any time provided funds
are available. Fixed interest rate HECMs are limited to the 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 mortgagor under any circumstances. Adjustable interest
rate HECMs provide for flexible payment options and allow for future draws. The amount
of funds available to the mortgagor is determined by the age of the youngest mortgagor (or
non-borrowing spouse for case numbers assigned after August
4, 2014); the current interest rate; the initial mortgage insurance
premium and the lesser of appraised value, the HECM FHA
mortgage limit of $636,150 or the sales price. The disbursement
of HECM proceeds during the first 12-month disbursement
period is subject to an initial disbursement limit as determined by
requirements set by HUD. These materials are not from HUD or
FHA and were not approved by HUD or a government agency.