Comments on: EquityKey and Shared Risk http://www.bestreversemortgage.com/equitykey-and-shared-risk/ The Unofficial Guide to Reverse Mortgages Mon, 06 Feb 2012 06:43:48 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: BrokerDave http://www.bestreversemortgage.com/equitykey-and-shared-risk/comment-page-1/#comment-10689 BrokerDave Tue, 30 Sep 2008 22:03:39 +0000 http://www.bestreversemortgage.com/reverse-mortgage/equitykey-and-shared-risk/#comment-10689 Dear Marvin, To address your question, I will point you to sections 4 and 5 of the Client Disclosure provided by EquityKey: 4. When can the option be exercised? Our right to exercise the option to purchase your property only arises upon the death of the last surviving homeowner involved in our transaction or your breach of the agreement (that you don’t cure or fix), whichever occurs first. We will proceed with closing on the purchase of your property within six months of exercising the option, unless there are claims or disputes that delay the closing. (A breach of obligation here is outlined in section 8 of the attached Option Agreement) They would include failure to maintain mortgage, tax and insurance payments or the condition of property, etc... 5. You (or your estate) have the right to keep the property if you don’t want us to buy it. If we decide to exercise our option, before we proceed with purchasing your property, you (or if applicable, your estate) have the right to keep the property by paying us the amount we are entitled to under our agreement. The amount we are entitled to will equal the applicable Early Termination Charge for a breach of the agreement that occurs within the first ten years, or our share of the appreciation if there hasn’t been a breach or it’s past ten years from the date of the agreement, plus any amounts we have paid on your behalf in accordance with our agreement. In the paraventricular of the life insurance industry it would be "second to die" before the option may be exercised. If you sell or default the option may be accelerated too. Of the three companies offering "equity sharing" EquityKey, NestWorth and REX & Co. all have unique terms and conditions that must be individually reviewed. this information is subject to change without notice. You can find more information on http://EquityOptionsUSA.com Warm Regards, David H. Schwartz Broker Dear Marvin,

To address your question, I will point you to sections 4 and 5 of the Client Disclosure provided by EquityKey:

4. When can the option be exercised?
Our right to exercise the option to purchase your property only arises upon the death of the last
surviving homeowner involved in our transaction or your breach of the agreement (that you
don’t cure or fix), whichever occurs first. We will proceed with closing on the purchase of your
property within six months of exercising the option, unless there are claims or disputes that
delay the closing. (A breach of obligation here is outlined in section 8 of the attached Option Agreement)
They would include failure to maintain mortgage, tax and insurance payments or the condition of property, etc…

5. You (or your estate) have the right to keep the property if you don’t want us to buy it.
If we decide to exercise our option, before we proceed with purchasing your property, you (or if
applicable, your estate) have the right to keep the property by paying us the amount we are
entitled to under our agreement. The amount we are entitled to will equal the applicable Early
Termination Charge for a breach of the agreement that occurs within the first ten years, or our
share of the appreciation if there hasn’t been a breach or it’s past ten years from the date of the
agreement, plus any amounts we have paid on your behalf in accordance with our agreement.

In the paraventricular of the life insurance industry it would be “second to die” before the option may be exercised. If you sell or default the option may be accelerated too.

Of the three companies offering “equity sharing” EquityKey, NestWorth and REX & Co. all have unique terms and conditions that must be individually reviewed. this information is subject to change without notice.

You can find more information on http://EquityOptionsUSA.com

Warm Regards,

David H. Schwartz
Broker

]]> By: Marvin http://www.bestreversemortgage.com/equitykey-and-shared-risk/comment-page-1/#comment-7991 Marvin Mon, 07 Jul 2008 21:07:41 +0000 http://www.bestreversemortgage.com/reverse-mortgage/equitykey-and-shared-risk/#comment-7991 Here's a question on the EquityKey program: assume my wife and I both qualify and we give up all the appreciation from date of contract. I will likely precede my wife: at that point in time must the house be sold, or could it wait until she passes, perhaps years later? Please advise. Here’s a question on the EquityKey program: assume my wife and I both qualify and we give up all the appreciation from date of contract. I will likely precede my wife: at that point in time must the house be sold, or could it wait until she passes, perhaps years later? Please advise.

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