About OceanFirst Bank

OceanFirst Bank, founded in 1902, is a federally chartered stock
savings bank with more than $2.0 billion in assets and twenty
branches.

Our community banking focus is predicated on superior personalized
service and competitive rates on a full range of deposit and loan
products. Our bank is committed to meeting customer needs with a
team approach to service that provides one stop decision making and
fast responses to the needs of our customers.

OceanFirst Bank is a leading provider of reverse mortgages and is
authorized by the US Department Of Housing and Urban
Development to offer reverse mortgages that are guaranteed by the
Federal Housing Administration. In addition OceanFirst Bank is an
approved reverse mortgage servicer. This means that your loan
doesn't have to be sold to another lender after you close.

About the Federal Housing Administration:

Congress created the Federal Housing Administration (FHA) in 1934.
The FHA became a part of the Department of Housing and Urban
Development's (HUD) Office of Housing in 1965.

When the FHA was created, the housing industry was flat on its back:

Two million construction workers had lost their jobs.

Terms were difficult to meet for home buyers seeking mortgages.

Mortgage loan terms were limited to 50 percent of the property's
market value, with a repayment schedule spread over three to five
years and ending with a balloon payment.

America was primarily a nation of renters. Only four in 10 households
owned homes.

During the 1940s, FHA programs helped finance military housing and
homes for returning veterans and their families after the war.

In the 1950s, 1960s and 1970s, the FHA helped to spark the
production of millions of units of privately-owned apartments for
elderly, handicapped and lower income Americans. When soaring
inflation and energy costs threatened the survival of thousands of
private apartment buildings in the 1970s, FHA's emergency financing
kept cash-strapped properties afloat.

The FHA moved in to steady falling home prices and made it possible
for potential homebuyers to get the financing they needed when
recession prompted private mortgage insurers to pull out of oil
producing states in the 1980s.

By 2001, the nation's homeownership rate had soared to an all time
high of 68.1 percent as of the third quarter that year.

The FHA and HUD have insured over 34 million home mortgages and
47,205 multifamily project mortgages since 1934. FHA currently has
4.8 million insured single family mortgages and 13,000 insured
multifamily projects in its portfolio.

In the more than 70 years since the FHA was created, much has
changed and Americans are now arguably the best housed people in
the world. HUD has helped greatly with that success.

What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you as a homeowner convert a portion of the equity your home into cash. The equity built up
over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until
you and any other borrower(s) no longer use the home as your principal residence. HUD's reverse mortgage provides these benefits, and it is
federally-insured as well.

Can I qualify for a HUD reverse mortgage?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or
older; own your home outright, or you are willing to pay off any liens at the closing with proceeds from the reverse loan; and you must live in the home. You
are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can call 1-800-400-4134 to
obtain the name and telephone number of a HUD-approved counseling agency.

For more Reverse Mortgage Information click here The Top_10_Things_You_Should_Know About A Reverse Mortgage