Our Lawyers made us add this...
Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, Ennkar does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.
Ennkar charges an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, often rolled into the balance of the loan. Ennkar charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.
Ennkar Home Equity Conversion Mortgage (HECM) Disclosure
NMLS# 976231 || www.nmlsconsumeraccess.org
Ennkar, Inc is headquartered at 1036 W Taft Ave, Suite 200, Orange CA, 92865.
Ennkar conducts business in the following states:
Ennkar is an equal housing lender. These materials are not from HUD or FHA and were not approved by HUD or a government agency. A reverse mortgage can increase the principal mortgage loan amount and decreases home equity (it can be a negative amortization loan if the homeowner does not make payments that equal or exceed the interest accumulated for that month).
CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.
(Protection of the Privacy of Personal Non-Public Information)
· Protecting the confidentiality of our customer information.
· How we gather information.
· The types of information we share, why, and with whom.
· Opting Out - how to instruct us not to share certain information about you or not to contact you.
Protecting the Confidentiality of Customer Information:
We take our responsibility to protect the privacy and confidentiality of customer information very seriously. We maintain physical, electronic, and procedural safeguards that comply with federal standards to store and secure information about you from unauthorized access, alteration, and destruction. Our control policies, for example, authorize access to customer information only by individuals who need access to do their work.
From time to time, we enter into agreements with other companies to provide services to us or make products and services available to you. Under these agreements, the companies may receive information about you but they must safeguard this information, and they may not use it for any other purposes.
How We Gather Information:
As part of providing you with financial products or services, we may obtain information about you from the following sources:
· Applications, forms, and other information that you provide to us, whether in writing, in person, by telephone, electronically, or by any other means. This information may include your name, address, employment information, income, and credit references;
· Your transaction with us, our affiliates, or others. This information may include your account balances, payment history, and account usage;
· Consumer reporting agencies. This information may include account information and information about your credit worthiness;
· Public sources. This information may include real estate records, employment records, telephone numbers, etc.
Information We Share:
We may disclose information we have about you as permitted by law. We are required to or we may provide information about youto third-parties without your consent, as permitted by law, such as:
· To regulatory authorities and law enforcement officials.
· To protect against or prevent actual or potential fraud, unauthorized transactions, claims, or other liability.
· To report account activity to credit bureaus.
· To consumer reporting agencies.
· To respond to a subpoena or court order, judicial process or regulatory authorities.
· In connection with a proposed or actual sale, merger, or transfer of all or a portion of a business or an operating unit, etc.
In addition, we may provide information about you to our service providers to help us process your applications or service your accounts. Our service providers may include billing service providers, mail and telephone service companies, lenders, investors, title and escrow companies, appraisal companies, etc.
We may also provide information about you to our service providers to help us perform marketing services. This information provided to these service providers may include the categories of information described above under "How We Gather Information" limited to only that which we deem appropriate for these service providers to carry out their functions.
We do not provide non-public information about you to any company whose products and services are being marketed unlss you authorize us to do so. These companies are not allowed to use this information for purposes beyond your specific authorization.
We also may share information about you within our corporate family of office(s). We may share all of the categories of information we gather about you, including identification information (such as your name and address), credit reports (such as your credit history), application information (such as your income or credit references), your account transactions and experiences with us (such as your payment history), and information from other third parties (such as your employment history).
By sharing this information we can better understand your financial needs. We can then send you notification of new products and special promotional offers that you may not otherwise know about. For example, if you originally obtained a mortgage loan with us, we would know that you are a homeowner and may be interested in hearing how a home equity loan may be a better option than an auto loan to finance the purchase of a new car.
You may prohibit the sharing of application and third-party credit-relatedinformation within our company or any third-party company at any time. If you would like to limit disclosures of personal information about you as described in this notice, just check the appropriate box or boxes to indicate your privacy choices.
Please do not share information about me with non-affiliated third parties.
Please do not share personal information about me with any of your affiliates except as necessary to effect, administer, process, service or enforce a transaction requested or authorized by myself.
Please do not contact me with offers or products or services by mail. Please do not contact me with offers or products or services by telephone.
Note for Joint Accounts: Your Opt Out choices will also apply to other individuals who are joint account holders. If theseindividuals have separateaccounts, your OptOut will notapply to thoseseparate accounts.
Vermont: In accordance with Vermont law, we will not share information we collect about Vermont residents with companies outside of our corporate family, except as permitted by law, such as with your consent, to service your accounts or to other financial institutions with which we have joint marketing agreements. We will not share information about your creditworthiness within our corporate family except with your authorization or consent, but we may share information about our transactions or experiences with you within our corporate family without your consent.
California: In accordance with California law, we will not share information we collect about you with companies outside of Ennkar, Inc., unless the law allows. For example, we may share information with your consent, to service your accounts, or to provide rewards or benefits you are entitled to. We will limit sharing among our companies to the extent required by California law .