HUD/FHA Approval Requirement

None

Eligible Borrower(s)

• 60 on the date the closing documents are signed
• US Citizenship or Legal Resudent Alien(s) with no Diplomatic Immunity
• Max number of borrowers is 2

Transaction Types

Purchase or Refinance of Primary residences

Principal Loan Limits

Max Loan = $2,000,000
Min Loan = $150,000

Loan Type

FIXED RATE

Income/Credit Requirements

Current Bankruptcy proceedings, or Federal Liens not eligible - Foreclosure must not have gone to sale and have sufficient funds/income for property maintenance (taxes, insurance and upkeep, etc.) This is Gold Reverse, Inc. underwriting call.

Mortgage Insurance

None

Eligible Properties

• Single family 2-4 units, Condo, Townhouses, PUD, and Modular homes constructed on permanent foundations. All properties must have minimum 750 square feet.
• NO Co-operative housing, Mixed Use, Manufactured homes or Mobile homes are eligible
• NO leaseholds are eligible, fee simple only
• NO repair set asides are eligible, necessary work must be completed prior to funding
• All eligible properties are primary residence only
• Max 5 acres for valuation purposes. Improvements must equal =/> 50% of value.
• NOTE: All improvements must conform to FNMA guidelines and may not be rated in "fair" or "poor" condition. Homes rate in "average" condition with excessive deferred maintenance will not be eligible. "Rural" property and any other determination of property eligibility will be solely at underwriting discretion. (See "Gold Reverse" guidelines for further detail.)

Appraisal Requirements

• Uniform Residential Appraisal forms FNMA 1004, 1073 (condo) accepted (HUD appraisers are strongly recommended)
• All appraisals will receive Gold Reverse, Inc. review
• Any Properties not able to support value at review can receive a BPO for rebuttal
• Appraiser comments on pest infestation will require termite report and completion of work prior to closing documents
• Appraised value determination will be solely at underwriting discretion. (See Gold Reverse" guidelines for further detail.)

Pre-Payment

Full or partial pre-payment allowed at any time without penalty. However, there are no additional draws available on prepaid amounts.

Single Draw Lump Sum Disbursement

Minimum draw at initial funding is 70% of principal limit available. Single Advance only

Counseling & States

• Conducted by Direct Connect via telephone
• Broker can set up by going to
www.lender.dccdemo.com and click on lender registration
• Eligible states CA, NV, FL as of 4/08
States coming soon: UT, OR

Origination Fee

2% based on the principal loan limit; minimum up to $3,000

Closing Costs

Customary third party fees allowed; allowable origination fee, title insurance, escrow or attorney's settlement fee, appraisal fee(s), survey (if applicable), credit report, loan document fee, notary fee, recording fee, tax service fee, wire transfer, flood certification fee, Lender Admin Fee $575

Monthly Service Fee

None (There is no servicing fee charged to the borrowers)

Recourse

None, Gold reverse is a non-recourse loan

Equity/Appreciation Sharing

None

Available Equity & Principal Limit Determination

• Youngest borrowers age is utilized for calculation
• Home value
• Current intersest rate

Principal Limit Protection

Not applicable

Loan Proceed Restrictions

None

Repayment Due

• Upon the death of the last surviving borrower
• Sale or transfer of the property
• Non-Occupancy for 1 consecutive year