EXHIBITS REQUIRED TO APPLY FOR A REVERSE EQUITY MORTGAGE FOR PURCHASE

FROM ALL BUYERS/BORROWERS to complete your Reverse Equity Mortgage application:

□ 2 Originals of the signed and dated Certificate of Counseling for Home Purchase. (use Blue ink)

□ A color copy of your valid driver‘s license or State issued picture ID – (face must be recognizable) (Florida Drivers License Dept. 1-800-617-2000). (If not available, please inquire)

□ A legible copy of your signed Social Security card (not metal cards) or a copy of your signed Medicare card. (If you are 65+). (If not available, please inquire)

□ An original or LEGIBLE true copy of the fully executed Sale-Purchase Contract with all the Riders.

□ Earnest Money: Verification of Deposit (cancelled check or bank statement) and Escrow Letter

□ Down Payment: 1) must use cash on hand or from the sale or liquidation of the mortgagor’s assets for the required monetary investment. Provide last 2 months financial institution statements showing the the liquid amount, or HUD1 closing statement and deed if from sale of a property. 2) Monetary Gifts: Acceptable only from relatives(by blood, marriage or adoption), domestic partner or Fiancee . 3) Borrowed funds: Not Acceptable: subordinate liens, personal loans, cash withdrawals from credit cards, seller financing and or any loans on other assets. Seller’s Credits/Concessions: Not Acceptable. Seller’s Perks: Might be Acceptable if no money exchanged.

□ Home Warranty: may be paid by Buyer or Seller

□ Insurance: Name and Telephone of your selected Agent for the Homeowners and Flood Insurance:

Name: __________________________________

Telephone: _____________________

Other Specific Cases (if applicable):

□ If Buyer has a Power of Attorney: Please notify us before the Counseling Session. POA must participate in the counseling and be named in the Certificate. Requirements: It must be Durable (continues in effect if the borrower becomes incompetent); Give the right to purchase and encumber the property; Revocable; Executed by a competent borrower prior to the date of application. Provide a color copy of the POA’s photo ID and Social Security Card prior to or at the time the application is submitted. Please consult your attorney.

□ Trust: Must be revocable. Please provide copy of the complete document. Consult your attorney.

□ Divorce: please provide copy of divorce decree.

□ Bankruptcy: Please provide complete package including “Discharge”(if available). Consult your attorney.

□ Legal Resident(Green Card): color copy of both sideses of the card (face must be recognizable).

□ Deceased Spouse: please provide original of Death Certificate.

Please have all documents required on hand for our appointment or send to my attention..

EXHIBITS REQUIRED FROM ALL THE SELLERS IN ORDER FOR BUYER TO APPLY FOR A REVERSE EQUITY MORTGAGE FOR PURCHASE

Banking Mortgage Services Corp., your FHA approved Reverse Equity Mortgage lender, requests, as required by FHA, that you provide us with certain information form the property and Sellers:

FROM ALL SELLERS to complete the Buyers’ Reverse Equity Mortgage application:

□ A color copy of your valid driver‘s license or State issued picture ID – (face must be recognizable) (Florida Drivers License Dept. 1-800-617-2000). If not available, please inquire.

□ A legible copy of your signed Social Security card (not metal cards), or a copy of your signed Medicare card, (If you are 65+)

□ Copy of the Deed (all names must coincide with the Sales Purchase Contract). Seller must have owned the property at least 90 days. If less time, please consult. No Flipping Please.

□ Copy of the first 4 pages of your Title Insurance Policy.

□ If Sellers have Mortgage: 1) legible copies of both sides of all Mortgage Monthly statement(s)

2) Pay-off letter from the Sellers Mortgage Company(ies), if any. For all mortgages.

PROPERTY:

□ If property is a 1 to 4 families residence:

□ A copy of the land survey. □ A copy of any termite extermination contract or guarantee. (if any)

□ A copy of the Declarations (3-4 first pages) of your Homeowners and Flood insurance policies (if in flood area).

□ If property Condo or Townhouse: Name and telephone of the condo or homeowner association or the Management Company.

__________________________________________________ Tel:____________________

IMPORTANT FOR CONDOS OR TOWNHOUSES: Please obtain the following information from the Association as soon as possible and Fax it to me at 305-666-0251

a) Does it have Reserves?: yes / no b) $ Amount in Capital Reserve Acct $____________

c) Total number of unit in the Complex: _____

d) Is there a Special assessment currently in effect?: yes / no Has one been declared? yes / no

e) If the building is in a Flood Zone, is it covered by Flood Insurance?: yes / no

f) Does the building have a “Recreational Lease” or “Land Lease”? : yes / no

g) Are 15% or more of the Unit Owners delinquent 30 or more days in their maintenance fee payments?

Other Specific Cases (if applicable):

If Seller has Power of Attorney: Please notify us at time of submitting the application. Requirements: It must be Specific to the property being sold and include its Legal Description. It must be Durable (continues in effect if the Seller becomes incompetent); Gives the right to sell the property; Revocable; Executed by a competent seller prior to the date of Sales Purchase Contract. Provide a color copy of the POA’s valid photo ID (face must be recognizable) and Social Security Card (no metal cards) prior to or at the time the application is submitted. Please consult your attorney.

□ Trust: Please provide copy of the complete document. Consult your attorney.

□ Divorce: please provide copy of divorce decree.

□ Deceased Owner or Spouse: please provide original of Death Certificate if deceased owner’s on Title.

□ Legal Resident(Green Card): color copy of both sides of the card. ) face must be recognizable