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iReverse introduces:

"THE ZERO PAYMENT PLAN" FOR SENIORS (62+) PURCHASING A NEW OR EXISTING HOME

THE DOWN PAYMENT REQUIREMENTS Age of Youngest Borrower (if 2 or more)

Purchase Price	Age 62	Age 65	Age 70	Age 75	Age 80
$100,000	$49,500	46,950	42,700	38,050	33,200
$150,000	69,700	66,000	59,750	52,950	45,900
$200,000	90,500	85,550	77,300	68,350	59,100
$250,000	110,700	104,600	94,350	83,250	71,800
$300,000	131,000	123,650	111,400	98,150	84,150
$350,000	150,350	142,750	128,500	113,075	97,200
$400,000	171,500	161,800	145,500	127,975	109,900
$450,000	191,250	180,350	162,100	142,375	122,100
$500,000	211,000	198,900	178,600	156,775	134,300
$550,000	230,750	217,450	195,200	171,150	146,500
$625,500+*	260,575	245,450	220,200	192,900	$164,925

*$625,500 is the maximum allowable home value used for calculating net proceeds available from the FHA Reverse Mortgage Program (HECM).

For instance, if a 70 year old senior wanted to purchase a $300,000 home, he or she could put approximately $111,400 down and finance the balance of $188,600. The senior would then make no monthly payments for as long as he or she maintained the home as a principal residence.

Interest and MIP (Mortgage Insurance Premium) simply accrues on the initial loan amount and is not due until the 2nd borrower (if 2), dies, moves or sells the home. The current fixed rate is 5.56% plus 0.5% for the Mortgage Insurance Premium (MIP).

Eligible properties include:

	1 to 4 unit single family homes
	Manufactured homes, built after June 15th 1976, that meet HUD’s permanent foundation guidelines
	Condominiums

iReverse's Ken Keranen has been originating Reverse Mortgages since the spring of 1993 using the HECM program. He has guided hundreds of seniors through the normal reverese mortgage process and is one of the pioneers in the industry. The HECM for Home Purchase Program has been a passion of his for the past 15 years. Ken publicly advocated this unique program in formal presentations to both the National Reverse Mortgage Lenders Association (NRMLA) and to the Mortgage Bankers Association (MBA).

The Housing and Economic Act of 2008 was enacted on July 31, 2008. The FHA Mortgagee Letter 2008-33 spells out the rules for the program. For more information, including getting your client a pre-approval letter, please give Ken a call @ (800) 747-8006 or on his cell phone @ (760) 207-8046 anytime. He can also be reached through his personal e-mail address: KenKeranen@gmail.com.