Real Estate Broker License
Real Estate Licensing Real Estate Licensing Home / Licensing /Real Estate Licensing HOW TO OBTAIN A UTAH REAL ESTATE LICENSE A real estate license is required of any person who, for another and forvaluable consideration, negotiates or consummates the sale, lease, exchangeor purchase of real estate. The Utah Real Estate Commission determines the qualifications and therequirements of all applicants for a Utah real estate license. Each applicantis required to provide evidence of honesty, integrity, truthfulness, reputationand competency. Each applicant must pass an examination covering the fundamentalsof the English language, arithmetic, bookkeeping, real estate principalsand practices, the Rules established by the Real Estate Commission and anyother aspect of Utah Real Estate License Law considered appropriate. Please take time to go over the screening questionnaire. Your responses tothese questions could have an impact upon whether or not you are able toobtain a Utah Real Estate license. Additional information and requirements are outlined throughout the followingpages. Screening Questionnaire Sales Agent License Associate Broker License Principal Broker License Opening Own Business Property Management License Branch Offices Non-Resident License ApplicantsLicensed in Other States Reciprocity (between Utah and: Wyoming, Colorado, Idaho, Montana, and Alberta, Canada) Examination Procedure ChangeCard SCREENING QUESTIONNAIRE 1. Do you now hold or have you ever held a real estate license in a state otherthan the state of Utah or in another country? 2. Have you ever had a license to practice in the real estate profession,or any other profession or occupation, denied, restricted, suspended, orrevoked? 3. Have you ever been permitted to resign or surrender your real estate licenseor any other professional license,or have you ever allowed a license to expire while you wereunder investigation, or while action was pending against you by any realestate licensing or other agency? 4. Is any disciplinary action now pending against you by any real estatelicensing or other agency? 5. Are you CURRENTLY under investigation for, or charged with, or have you everbeen convicted of, or pled guilty or no contest to, a felonyor misdemeanor? (If you have had only one misdemeanor conviction or plea and thecase was closed over five years ago, you do not have to answer yes. Caution: DUI's and other alcohol-related traffic offenses may bemisdemeanors. Non-alcohol-related traffic offenses do not need to bedisclosed.) 6. Have you been placed on probation or ordered to pay a fine in connection withany criminal offenseor a licensing action? If you answer YES to this question you will beasked at the time of application for licensure to provide proof of completion ofyour probation and payment of all fines. 7. Have you been ordered to pay restitution in connection with any criminaloffense or licensing action? If you answer YES to this question you willbe asked at the time of application for licensure to provide proof that you havefully complied with the restitution order. 8. Have you had a civil judgment entered against you based on fraud,misrepresentation, or deceit? If you answer YES to this question you will be asked at the time of application for licensure to provide proof that the judgment has been fully satisfied. 9. Are you under 18 years of age? WARNING: IF YOU PASS THE EXAMINATION, YOUR FINGERPRINTS WILL BE TAKEN ANDSUBMITTED FOR A CRIMINAL BACKGROUND CHECK. FAILURE TO ACCURATELY DISCLOSEYOUR CRIMINAL HISTORY WILL RESULT IN IMMEDIATE AND AUTOMATIC REVOCATION OF YOURLICENSE. SALES AGENT LICENSE License Requirements - The applicant for a sales agent license must be at least 18 years ofage. Education Requirements - An applicant for a sales agent license must complete an approved educationalprogram of 90 classroom hours. The subject matter of the course will consistof Real Estate Principals and Practices and Utah Real Estate License Law. All courses must be completed at a Division approved real estateschool . Membership in the Utah State Bar will satisfy this education requirement. Experience will not satisfy the education requirement. Licensing Procedure - Within 90 days after the successful completion of the examination, theapplicant must return the following to the Division: Score Report/License Application - The applicant will provide a score report/license application receivedfrom Promissor ( the professional testing service) which indicates that both the nationaland state portions of the examination have been passed. The passing score report/license application must besigned by the principal broker with whom the applicant will be affiliating.No such signature is required of the applicant who desires inactive status. Education Documentation - The applicant will provide documentation of the successfulcompletion of 90 hours of classroom education taken within the previous year.Documentation will consist of the signed and stamped education certificatelocated in the examination Candidate Handbook, and/or an education waiverissued by the Division. Fees - The fee will include the license fee, the fee for the Recovery Fund, and the fingerprint processing fee. Currently, this totals $151.00. ASSOCIATE BROKER and/or PRINCIPAL BROKER LICENSE License Requirements - The applicant for an associate broker/principal broker license must beat least 18 years of age. The applicant must have a minimum of three years real estate experience and a total of at least 60 points accumulated within the five years prior to licensing. A minimum of two years (24 months) and at least 45 points will be accumulated from Tables I and/or II. The remaining 15 points may be accumulated from tables I, II, or III. The Principal Broker may accumulate additional experience points by having participated in real estate related activities as outlined in Experience Points Table III. Education Requirements - An applicant for an associate broker or principal broker license mustcomplete an approved educational program of 120 hours. The subject matterof the course will consist of 12 classroom hours in Brokerage Management, 24 classroom hours in Advanced Appraisal,24 classroom hours in AdvancedFinance, 24 classroom hours in Property Management, 24 classroom hours in Advanced Real Estate Law, and 12 hours in Utah License Law. All courses mustbe completed at a Division approved real estateschool . The Division may waive all or part of the education requirement by virtueof equivalent education. Education waivers may be granted only by the Division.To obtain an education waiver, the applicant must provide to the Divisionvalid documentation of his/her equivalent education. Experience will not satisfy the education requirement. Licensing Procedure - Please refer to the following information and forms (Broker Application Packet) Application for a Broker License Procedures Checklist Requirements for Obtaining a Real Estate Broker License Experience Points Tables (Rule 162-2.2.5) Documentation of Full Time Experience Real Estate Sales/Leasing Transaction Log Real Estate Property Management Transaction Log Brokerage Verification Form OPENING OWN BUSINESS If the applicant wishes to open his/her own business, the following isalso required: Business Name Approval - The principal broker applicant must submit evidence that the name underwhich he/she will be doing business has been registered and is approved bythe Division of Corporations, Utah Department of Commerce. The Division ofReal Estate will not accept a proposed company name that may mislead thepublic into thinking they are not dealing with a real estate brokerage orproperty management company. Company Registration - The principal broker applicant must submit a Company Application on theform required by the Division. Evidence of Trust Account - The principal broker applicant shall submit documentation from a financialinstitution that is less than 30 days old verifying the applicant's trustaccount. Change Cards - A Change Card must be submitted for each agent who will be affiliatingwith the principal broker. Fees - Appropriate fees for company registration mustbe submitted. Currently this fee is $25.00. PROPERTY MANAGEMENT LICENSE License Requirement - All persons who, for another and for valuable consideration, engage inproperty management must hold a current Utah real estate license to functionas a property manager. Property management is defined as providing the followingservices which may include, but are not limited to: Advertising real estate for lease or rent. Procuring prospective tenants or lessees. Negotiating lease or rental terms. Executing lease or rental agreements. This requirement does not apply to: An owner who manages his/her own property. A regular salaried employee of the owner of real estate who manages property owned by the employer. Apartment managers who manage the apartments at which they reside in exchange for free or reduced rent on their apartments. A full time salaried employee of a homeowners association who manages units subject to the declaration of condominium, which established the homeowners association. Individuals who, as employees of a licensed property management company, provide prospective tenants with access to vacant apartments, provide secretarial, bookkeeping, maintenance or rent-collecting services, quote predetermined rent and lease terms, and fill out preprinted lease or rental agreements, the terms of which are not negotiable by the person completing the form. Broker Supervision - All property management conducted by a sales agent or associate brokermust be supervised by the principal broker with whom the licensee isaffiliated. S EPARATE PROPERTY MANAGEMENT COMPANY A principal broker may be granted a license to operate a property managementcompany separate from an existing real estate brokerage upon compliance withthe following conditions: Application - The principal broker, as a single proprietor or a company, must obtainan additional broker's license by submitting an application on the form requiredby the Division together with the license fee plus the fee for the RecoveryFund. Business Name Approval - The applicant must submit evidence that the name of the new company hasbeen registered and is approved by the Division of Corporations, Utah Departmentof Commerce. The Division of Real Estate will not accept a proposed companyname that may mislead the public into thinking they are not dealing witha real estate brokerage or property management company. Company Registration - The principal broker applicant must submit a Company Application on theform required by the Division. Evidence of Trust Account - The principal broker applicant shall submit documentation from a financialinstitution that is less than 30 days old verifying the applicant's trustaccount. Affiliated Licensees - The principal broker must designate with which company each of the licenseesaffiliated with him/her will be located - either the real estate brokerageor the property management company. Property Management Company Only - No Brokerage - If a principal broker (an individual or company) wants to operate a propertymanagement company only AND does not operate a real estate brokerage, theprincipal broker may do so by the same procedure as for opening a real estatebrokerage. Fees - Appropriate fees for company registration mustbe submitted. Currently this fee is $25.00. BRANCH OFFICES A branch office is a real estate office affiliated with and operating underthe same name as a principal brokerage but located at a different address.A branch office must be registered with the Division of Real Estate priorto operation. Application - To register a branch office, the principal broker must submit to the Division,on the forms required by the Division, the location of the branch, the nameof the branch manager and the names of all associate brokers and sales agentsassigned to the branch. He/she must also submit trust account documentationthat is less than thirty days old of a valid trust account. This accountcan be the same trust account used by the main office. Branch Manager - Each branch office must have an associate broker as a branch manager whowill actively manage the office. Fees - Appropriate fees for company registration mustbe submitted. Currently this fee is $25.00. NON-RESIDENT LICENSE A person who is actively licensed and in good standing in anotherstate as a real estate principal broker, associate broker or sales agentmay be issued an equivalent license in Utah by successfully completing specificeducation hours required by the Division with the concurrence of the Commission,and by passing the state and, in some cases, the general portion of the Utahreal estate licensing examination. The general portion of the exam may notbe waived for licensees from California due to the way California administerstheir exam. If the license in another state is expired, the applicant will be required to comply with all of Utah'sprelicensing requirements. Education and examination waivers will not beprovided if the license has expired. The applicant must also comply with each of the following requirements: Application - The applicant must submit an application for examination and license inaccordance with the requirements of the state of Utah. License History - Proof of licensure and disciplinary action, if any, (a "history letter")from each state in which the applicant has been licensed. Education Documentation - A waiver toward the Utah education requirement may be granted for educationtaken in another state. The applicant must provide to the Division validdocumentation of any certified real estate education taken in another statethat correlates with the education requirement of the state of Utah. Validdocumentation shall show proof of completion of the subject matter, the dateof completion and the number of classroom hours of each course taken. The application will be required to take a minimum of 12 classroom hoursin Utah License Law and may be required to take additional real estate educationhours. The applicant will be notified by the Division of his/her specificeducation requirements in the form of a "waiver letter." WAIVER LETTER - Upon receipt of the "license history" and the documentation of previouslycompleted real estate education, the Division will determine how many hours,if any, of Utah's education requirement may be waived and how many hoursthe applicant will still be required to complete before he/she will be allowedto sit for the examination. The licensee will be notified of his/her educationrequirements in the form of a "waiver letter." If applicable, the "waiverletter" will also indicate whether the general (national) portion of thelicensing examination will be waived. The "waiver letter" must be presented: to the school to show the number of education hours required of the candidate, at the time of the examination, and at the time of application for licensure. EXAMINATION - If the applicant has been actively licensed in another state for the precedingtwo years, he/she will be required to take only the Utah state portion ofthe examination. If the applicant has been on an inactive status in anotherstate for any portion of the past two years, he/she will be required to takeboth the national and Utah state portions of the examination. The general portion of the exam may not be waived for licensees from California due to the way California administers their exam. TRUST ACCOUNT - If the applicant is a principal broker, he/she must establish a real estatetrust account in this state. CONSENT TO SERVICE - Upon applying for licensure, the applicant must submit to the Divisionan irrevocable written consent allowing service of process on the Commissionor the Division. PRINCIPAL BROKER AFFILIATION - If the applicant is an associate broker or sales agent, the principalbroker with whom he/she is affiliated must hold an active Utah license. APPLICANTS LICENSED IN OTHER STATES A person who is licensed in another state as a real estate principalbroker, associate broker or sales agent may become licensed in Utah by successfully completing specific education hours requiredby the Division with the concurrence of the Commission, and by passing thestate and, in some cases, the general portion of the Utah real estate licensingexamination. The general portion of the exam may not be waived forlicensees from California due to the way California administers their exam. If the license in another state is expired, the applicant will be required to comply with all of Utah'sprelicensing requirements. Education and examination waivers will not beprovided. The applicant must also comply with each of the following requirements: Application - The applicant must submit an application for examination and license inaccordance with the requirements of the state of Utah. License History - The applicant must be or have been licensed as a principal broker, associatebroker or sales agent in another state. Proof of licensure (a "history letter")from the regulatory agency of each state of previous licensure must be providedto the Division of Real Estate. Education Documentation - A waiver toward the Utah education requirement may be granted for educationtaken in another state. The applicant must provide to the Division validdocumentation of any certified real estate education taken in another statethat correlates with the education requirement of the state of Utah. Validdocumentation shall show proof of completion of the subject matter, the dateof completion and the number of classroom hours of each course taken. The applicant will be required to take a minimum of 12 classroom hours inUtah License Law, and may be required to take additional real estate educationhours. The applicant will be notified by the Division of his/her specificeducation requirements in the form of a "waiver letter." WAIVER LETTER - Upon receipt of the "license history" and the documentation of previouslycompleted real estate education, the Division will determine how many hours,if any, of Utah's education requirement may be waived and how many hoursthe applicant will still be required to complete before he/she will be allowedto sit for the examination. The licensee will be notified of his/her educationrequirements in the form of a "waiver letter." If applicable, the "waiverletter" will also indicate whether the general (national) portion of thelicensing examination will be waived. The general portion of the exam may not be waived forlicensees from California due to the way California administers their exam. The "waiver letter" must be presented: to the school to show the number of education hours required of the candidate, at the time of the examination, and at the time of application for licensure. EXAMINATION - If the applicant has been actively licensed in another state for the precedingtwo years, he/she will be required to take only the Utah state portion ofthe examination. If the applicant has been on an inactive status in anotherstate for any portion of the past two years, he/she will be required to takeboth the national and Utah state portions of the examination. The general portion of the exam may not be waived for licensees from California due to the way California administers their exam. RECIPROCITY The State of Utah currently has signed reciprocity agreements with Wyoming, Colorado, Idaho, Montana, and Alberta, Canada. To apply for reciprocity, send us a written request for licensing through reciprocity, including what states you currently have and previously have had a license in, as well as your contact information. Have the state(s) send a certified license history to us (see contact information ). The reciprocal state MUST show that your license is on an active status. Once we receive your written request and the certified license history/histories, we will generate an application form for you. We will also send you: a questionnaire, the Consent To Service form and acknowledgement, which must be signed and notarized; 2 fingerprint cards; and the fingerprint waiver form (fingerprints required for sales agent applicants only - not for broker applicants). Fingerprints must be obtained by the applicant. The application and other relevant forms must be completed and submitted with the $100 licensing fee and $12 recovery fund fee for sales agents or $18 recovery fund fee for brokers (plus $39 fingerprint processing fee for sales agent applicants). If a broker applicant wishes to open his or her own company, additional paperwork and fees are required. See " Opening Own Business " information above. EXAMINATION PROCEDURE Education - Before an applicant will be allowed to sit for the examination, he/shemust have completely satisfied the appropriate educational requirement. Application - The candidate should obtain the Candidate Handbook from the pre-licensingschool. This handbook will outline the procedure for registering for andtaking the examination. Date/Location - The examination will be given twice daily (Tuesday thru Saturday) in theSalt Lake City area. The examination is also available at the testing centersin Provo, Ogden, Las Vegas, Nevada, and Grand Junction, Colorado. Waiver Letter - Any candidate who is granted a waiver of the general portion of theexamination must submit proof of such waiver from the Division at the timeof application. Questions - The test consists of 80 questions on the general portion of the examination,40 questions for sales agents and 50 questions for brokers on the state portionof the examination. Both the general and state portions of the examinationmust be passed within a six-month period of time. More Information - Please refer to the Candidate Handbook for complete details on takingthe examination. Special Services - The testing center complies with the provisions of the Americans withDisabilities Act (42 USCS Section 12101 et seq.). If the candidate has adisabling condition, he/she may request special testing services. The disabilitymust be verified by a professional who is qualified to diagnose and documentthe disability. 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Buy or Sell a Home - For Sale By Owner Canada (FSBO) - Private Sale Real Estate Listing Service Home Search -- Featured New -- Articles FAQ's News About Directory Testimonials Contact -- -- City: Select City Barrhead Barrie Brampton Caledon Cambridge Campbellford Courtice East York Georgian Bay Georgina Hamilton King Kitchener Lambton Shores London London Magog Markham Meldrum Bay Milton Minden Mississauga Newmarket North York Oakville Orillia Oshawa Pickering Port Dover Port Perry Richmond Hill Rockwood Rosseau Scarborough Severn Stouffville Thornhill Toronto Vaughan Wassaga Beach Waterloo Woodbridge Property Type: Select Type Commercial Building Business Farm Industrial Investment Office Plaza Power Centres Retail Store w/ Apt, Office Vacant Land Condominium Co-Op Apartment Co-ownership Apartment Condo Apartment Condo Townhouse Detached Condo Semi-Detached Condo Time Share Freehold/House Attached/Row Townhouse Commercial/Residential Cottage Detached Duplex Farm Link Mobile/Trailer Multiplex Rural Residential Semi-Detached Triplex I Want to: Please Select buy rent Price Range: Price Range under 1 000 1 000 - 5 000 5 000 - 10 000 10 000 - 25 000 25 000 - 50 000 50 000 - 100 000 100 000 - 250 000 250 000 - 500 000 more than 500 000 $ 0 $380,000 4 bedroom(s) Magog $1,950,000 4 bedroom(s) Lambton Shores Please Select Your Province Alberta British Columbia Manitoba New Brunswick Newfoundland Northwest Territories Nova Scotia Ontario Prince Edward Island Quebec Saskatchewan Yukon -- What is "For Sale By Owner" Real Estate? For Sale By Owner (FSBO) is a term that is used to refer to real estate , usually homes, which are being sold by the owner without the help of a real estate agent or broker. The For Sale By Owner method of selling a home enables the home seller to save thousands of dollars by not having to pay a large commission to a real estate agent upon the sale of their property. Sell Your Own Home , Save Thousands! Savings from an FSBO real estate sale can either be kept by the home seller as increased profit or passed on to the FSBO real estate buyer by offering the home for sale at a lower price. Typically, owners will list their home, land, condo or other property for sale using FSBO websites like PropertySold , local newspaper classified ads, word of mouth or other inexpensive advertising methods such as the placement of a For Sale By Owner Yard Sign in their front yard. Sell Property Buy Property Rent Property Sell Canadian Real Estate By Owner Sell a Home, Sell a Condo, Sell Land... 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If you compare the cost of an mls listing with PropertySold with traditional MLS listing services or to the commissions you would have to pay to an agent upon the sale of your property it is easy to see why thousands of Canadians have already chosen the " For Sale By Owner " method to sell their own homes and save thousands in the process. PropertySold FSBO Listing Features Detailed online real estate listing of your property - comprehensive description + up to 12 images Affordable listing packages - sell your home for as little as $14! 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More Information Package Options Buy Canadian Real Estate By Owner Typically, property for sale through a traditional real estate agent is priced to accomodate the commission the property seller would need to pay the real estate agent upon the sale of the home. Since these commission charges are often added onto the actual value of the home and are included in the asking price you, the real estate buyer, is forced to pay up to 7% more for the property than it is actually worth. Buying " For Sale By Owner " private sale homes and property can help you avoid these commission charges and get you the real estate you want at a better price. PropertySold features nationwide FSBO listings of Canadian single family homes, vacant lots, commercial property, recreational property, farms and ranches, mobile homes and condos. Most of these FSBO properties can not be found in any other MLS listing service. 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Home Equity Conversion (HEC).
Home Equity Conversions: Reverse Mortgages Home Equity Conversions: Reverse Mortgages Authors: Celia Ray Hayhoe, Ph.D, CFP®, Family Resource Management Cooperative Extension Specialist and Stacey Williamson, Graduate Assistant; Virginia Tech Publication Number 354-025, Posted April 2004 Many senior adults are finding it hard to live on their fixed retirement incomes and are looking for ways to supplement those incomes. For some, the largest asset they own is their home, but they do not want to sell their home and move. For these individuals, there is an option called Home Equity Conversion (HEC). One type of home equity conversion is a reverse mortgage. The equity or cash value of the house is used to provide income to repay the loan. All reverse mortgage options are not the same. They have different eligibility requirements, income amounts, timing of payments, interest rates, and/or initial costs. Homeowners should compare the different options, keeping in mind their goals and needs. Advantages The value of your house, not your income, is used to determine eligibility. You can receive a lump sum, a line of credit, or a monthly amount, without having to make a monthly repayment. You do not have to sell your home and move, and can continue to live in the same familiar surroundings. You do not have to worry about losing your home to foreclosure since the payments are made out of your equity in the home, not from your income. The loan must be repaid when the house is no longer used as your personal residence. However, the lender can only look to the proceeds from the sale of the house for repayment. They cannot go to your heirs if the house sells for less than what was borrowed. Money can be used for any purpose. You must attend a free HECM/HUD approved counseling session to see if this type of mortgage is right for you. Disadvantages Interest for a reverse mortgage is compounded, and cannot be deducted on income taxes until you repay it. The income you receive decreases the equity in your home, and the equity may not be adequate for your future needs or for your estate. Interest rates and initial costs (application fees, points and closing costs) are usually higher for a reverse mortgage than for other equity loans. Income ends when you sell your home or no longer use it as a principal residence. Payments may affect Supplemental Security Income and Medicaid payments. You must attend a free HECM/HUD approved counseling session. This may add time to the process of obtaining a loan. You may need to pay off your existing mortgage out of the proceeds of your reverse mortgage. You will be required to maintain the house, pay the taxes, and carry property insurance. Eligibility You could be eligible if you own your own home, use the home as your principal residence, and are at least 62 years of age. You must also have adequate equity in the home. A lender looks at the equity in the home plus any expected appreciation or depreciation in the value of the home to calculate a base amount. The costs associated with any reverse mortgage loan (application fees, interest rates, closing costs, initial charges, sales commissions, and homeowner's insurance) also must be considered. All reverse mortgages currently available in Virginia require homeowner's insurance. The lender and the homeowner must work together to determine the type of payment, the payment amount, and the time period. This is determined not only by the calculations of the base amount by the lender, but also by keeping your goals and financial needs in mind. Income Income from a reverse mortgage is not taxable, and will not affect Medicare eligibility or benefits. But the added income can affect both Supplemental Security Income and Medicaid eligibility and benefits for Virginia residents. Confused? A home equity conversion is not a home equity loan! Home-equity loans require that a homeowner has enough income to pay back the loan, and the payments are made in monthly amounts. A home-equity loan would not work for the majority of senior adults who are living on limited fixed incomes and who could not afford a loan payment. Example A wide variety of loan options are available depending upon your age, the amount of equity available, the time period of the loan, and the way payments are disbursed. For example, Mary Jones, a 75-year-old widow whose home is her principal residence, is looking at a ten-year reverse mortgage that will provide her with additional monthly income of approximately $450. At the end of the ten years the monthly income payment will stop. But because her loan is through an insured lender (loans offered by HUD approved lenders have government guarantees), the loan will not have to be repaid until she sells the home, moves, or dies. Home Equity Conversion Checklist These questions can to help you determine if you are eligible for a home equity conversion (HEC). YES NO 1. Are you 62 years of age or older? _____ _____ 2. Is your mortgage paid off in full or nearly so? _____ _____ 3. Do you use your home as your primary residence? _____ _____ If you have answered yes to questions 1 through 3, you might want to consult with an HEC lender for specific information. The following questions will help to determine if you are eligible for a Housing and Urban Development (HUD) home equity conversion. A HUD-HEC is similar to other HECs but with additional requirements for the property and residents. 4. Is your home a single-family dwelling? _____ _____ 5. Will your home probably meet HUD minimum property standards? _____ _____ 6. Is your family income less than 80% of area median? _____ _____ If you have answered yes to questions 1 through 6; you might want to consult with a HUD-HEC lender for specific information. The following is a list of HEC/Reverse mortgage programs. FHA - HECM (Home Equity Conversion Mortgage) Guaranteed by FHA/HUD Flexible Income Payment Option Growing Line of Credit Maximum Lending Limit - $ 280,749 Cash Account Flexible Income Payment Options Growing Line of Credit Higher Equity Release Options No Maximum Lending Limit HomeKeeper by Fannie Mae Guaranteed by Fannie Mae Line of Credit Options Maximum Lending Limit - $ 322,700 Zero Point Cash Account Closing Costs Limited Minimum Draw at Closing Required Interest Rate Cap No Maximum Lending Limit The following lenders offered HEC/Reverse mortgages as of March 2004: Mortgage Capital Investors Equity Division 6571 Edsall Road Springfield, VA 22151 (703) 941-0711 East West Mortgage - HECM, HK, CA 4321 Northview Drive Bowie, MD 20716 (866) 9REVERSE [(866) 973-8377] (301) 809-1568, ext. 225 Financial Freedom Senior Funding Corp. (Subsidiary of Lehman Brothers, FSB) - HECM, HK, CA (800) 368-3254 Reverse Mortgages of the Mid-Atlantic - HECM, HK, CA (800) 745-0102 Suntrust 564 Lynnhaven Parkway Virginia Beach, VA 23452 (757) 431-4876 Fidelity & Trust Mortgage, Inc. - HECM, HK, CA 7229 Hanover Parkway Suite C Greenbelt MD 20770 (703) 273-3797 (800) 458-4624 People's Choice Mortgage - HECM, HK, CA (757) 564-8596 Wells Fargo Home Mortgage - HECM, HK (888) 292-1180 Inclusion on this list of lenders does not imply endorsement by Virginia Cooperative Extension, nor does omission from this list imply a lack of endorsement. Home Equity Conversion Comparison Worksheet Name of Lender Features Payment Option: ----------------------- ----------------------- ----------------------- Lump Sum Option Line of Credit Option Monthly Benefit Option APR (Annual Percentage Rate) Time Period Application Costs Closing Costs Sales Commissions Insurance Costs Other Initial Charges For More Information AARP Home Equity Information Center 601 E. Street NW Washington D.C. 20004 (202) 638-2863 http://www.aarp.org/revmort/ Reverse Mortgage Money (866) 363-1914 requestinfo@reversemortgagemoney.com American Credit Counselors Tudor Square, Ste. 10 211 Roanoke St. Christiansburg, VA 24073 (800) 926-0042 virginia@cccsswva.org http://www.americancredit.org HECM Counseling National Center for Home Equity Conversion 360 Robert Street North Suite 403 St. Paul, MN 55101 (651) 222-6775 People Incorporated 1173 W Main St Abingdon, VA 24210-2428 (540) 623-9000 HECM Counseling Original authors: Patricia Gorman, graduate assistant, and Kathleen Parrott, former Extension housing specialist, Virginia View this document in PDF format Visit Virginia Cooperative Extension
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