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Best Reverse Terms of Use and Promotional Rules

 

Last updated January 1, 2021

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(Sorry for all the legal stuff but lawyers + government = lengthy rules.)

 

As part of our commitment to offering superior products and services, we also offer competitive pricing. For example, our Best Reverse program: if you’re shopping around for a reverse mortgage and we are unable to beat a competitor’s pricing, we’ll give you a $250 gift card. *

 

* Best Reverse Program Details:

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We want you to be assured that Abide is a company committed to providing our customers with competitive pricing and terms. Abide is confident that our program offering will be competitive with other HUD-approved reverse mortgage lender product offerings in the marketplace when shopping for a reverse mortgage loan. If possible, we will beat the Program Offering of any HUD-approved competitor reverse mortgage lender. If we are unable to beat a competing lender’s Program Offering, we will give you a $250 gift card (the “Reward”) after you close your loan with the competing lender.

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Best Reverse Program Terms and Conditions and Promotional Rules (“Official Rules”):

 

NO PURCHASE OR PAYMENT NECESSARY TO PARTICIPATE IN THIS PROGRAM: Purchase of a product or service from Abide Retirement, LLC (“Abide”) is not required to be eligible.

 

ELIGIBILITY: To be eligible for the Best Reverse Program (the “Program”), a participant must be a legal resident of the 50 United States or the District of Columbia and meet the qualification requirements for a HECM reverse mortgage product (the “Participant”). Must meet financial eligibility criteria as established by lender or HUD for a HECM. Void outside of the United States and wherever else restricted or prohibited by law. In addition, as part of participation in the Program, if Abide cannot beat a competitor's Program Offering, a claims form (the “Claims Form”) must be requested, completed, and submitted by the Participant per the Claims Form process. Based on the information provided, eligibility will be further determined. If Participants do not meet the screening criteria, they will be disqualified and ineligible for the Program. By participating, you agree to these Official Rules and all decisions of Abide which are final and binding in all respects.

 

DEFINITIONS:  A “Program Offering,” is defined as the price, including the all-in margin and net closing costs after lender credits. The Program Offering only applies to a similarly structured reverse mortgage from a HUD-approved competitor lender. A similarly structured reverse mortgage must be for the same property, term, product type, discount points, mortgage loan amount, and loan to value with the same or lower total closing costs and APR.

 

“Loan Comparison,” for this Program, a Loan Comparison shall have the same meaning as a Loan Estimate. The terms will be used interchangeably.

 

“Initial Price Match Documents,” is defined as the dated competing HUD-approved lender’s issued Loan Comparison, Amortization Schedule and Total Annual Loan Cost.

 

“Final Best Reverse Documents,” is defined as the dated copy of the competing HUD-approved lender’s Final Signed HUD1 Settlement Statement, Final Loan Comparison, Final Amortization Schedule, and Final Total Annual Loan Cost.

 

“Claims Form,” is defined as the dated Abide claims form that must be requested, completed, and submitted by the Participant per the Claims Form process.

 

EXCLUSIONS:

 

  • does not apply to HECM for Purchase (“H4P”) products due to regulatory requirements;

  • does not apply to offers from companies using the same lenders/investors as Abide;

  • does not apply to loan applications that do not meet FHA product eligibility requirements;

  • does not apply to loan applications that are canceled prior to closing;

  • is not available for employees of competing lenders and/or affiliates of competing lenders;

  • is only valid in states where Abide Retirement, LLC is currently licensed to originate and solicit loans;

  • not available for refinances of loans originated by Abide Retirement, LLC within 6 months of funding date;

  • cannot be combined with any other promotion;

  • is void if the loan terms or conditions on which the price match was based on change before closing;

  • is subject to Abide Retirement, LLC’s right to rescind or modify the terms of this offer without prior notice;

  • is not a firm offer, it does not guarantee loan approval, nor is it an offer or commitment to lend. A final loan decision cannot be made until a complete mortgage application and supporting documentation is received and verified. Loan approval is also subject to standard underwriting guidelines, investor conditions, and receipt of a satisfactory appraisal and title report;

  • does not apply to Abide Retirement LLC’s own rate which cannot be used as the basis for a competitive rate price match;

  • only applies to a similarly structured reverse mortgage from a HUD-approved competitor lender. A similarly structured reverse mortgage must be for the same property, term, product type, discount points, mortgage loan amount, and loan to value with the same or lower total closing costs and APR;

  • is subject to Abide Retirement LLCs reserved right to verify that the competitor lender’s Program Offering is accurate and will determine the accuracy of the competitor lender’s Programing at its sole discretion;

 

HOW TO PARTICIPATE: To participate in the Program, the Participant must have requested a price match from an Abide Loan Originator and presented the competitor’s completed Loan Comparison (Estimate), Amortization Schedule and Total Annual Loan Cost (the “Initial Price Match Documents”). Participants requesting the price match must obtain the Initial Price Match Documents from the competing lender that are dated no more than 14 days before the date they are presented to their Abide Mortgage Loan Originator. Written confirmation from Abide as well as a dated Abide issued Loan Comparison will serve as documentation that Abide was not able to match or beat the Program Offering of a competing HUD-approved lender when the price match request was made along with the completed competitors' Initial Price Match Documents.   Alternative documentation used to show competitor’s Program Offering. will not be accepted. The Initial Price Match Documents from a competitor are required to be provided to Abide. In addition, to be eligible for a Reward in the event Abide cannot beat a competitors Program Offering, a claims form (the “Claims Form”) must be requested, completed and submitted by the Participant per the Claims Form process.

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Participants who successfully complete and submit a verified Claims Form according to these Official Rules as determined by Abide will result in Participants becoming “Qualified Participants”.  Only Qualified Participants are eligible to receive a Reward.  Failure to complete the necessary steps and provide the required information in their entirety will result in Participants being disqualified from the Program.  If a Participant is found to be ineligible or otherwise not in compliance with these Official Rules, or if the Reward is returned as undeliverable, that Qualified Participant’s Reward will be forfeited.

 

TIMING: A price match request must be presented in the form of a competitor’s Initial Price Match Documents issued by a HUD-approved lender within seven (7) calendar days of the date, Abide receives your application for a reverse mortgage loan. Abide’s Program is subject to change or cancelation at any time and without notice.

 

Participants requesting a price match must obtain the Initial Price Match Documents from the other lender that is not older than 14 days when presented to their Abide Mortgage Loan Originator. The Lender Information section on the Loan Comparison must be fully completed by the competing financial institution to have a valid Loan Comparison. Incomplete Loan Comparisons will not be considered for the Program.

 

To be eligible for the Reward if Abide is unable to beat a competitor’s Program Offering, a Participant must first request a Claims Form from Abide on the date, Abide elected not to “beat” a competing lender’s Program Offering and then submit a completed Claims Form to Abide within 14 days of closing a loan with the competing lender in accordance with the Claims Form. The process is described below.

 

CLAIMS FORM PROCESS:

 

Please reach out to the Abide Best Reverse Program Administrator at admin@tryabide.com for a copy of the Claims Form. If you have any questions regarding the Claims Form process, you may contact Abide Retirement LLCs (“Abide”) at the above email address.

If Abide is not able to beat a competing lender’s program offer, you can request and then submit a completed Claims Form with supporting documentation, which must be returned to us after closing your loan with a competing lender.

You have to file your claim for the Program Reward within fourteen (14) days of closing your loan with a competing lender. The following documents must be submitted together and included in your claim request:

 

A dated copy of the completed Claims Form requested by you on the date, Abide elected not to “beat” a competing lender’s Program Offering.

 

A dated copy of the competitor’s Initial Price Match Documents.

 

A dated copy of Abide's Loan Comparison along with written confirmation from Abide that they were not able to beat the Program

Offering of a competing HUD-approved lender. 

 

A fully executed copy of the Final HUD1 Settlement Statement from the competing lender that is signed by the closing agent and all parties to the transaction.

 

A dated copy of the competing HUD-approved lender’s Final Signed HUD1 Settlement Statement, Final Loan Comparison, Final Amortization Schedule and Final Total Annual Loan Cost (the “Final Price Match Documents”).

 

Email submissions of documents will not be accepted and will void your claim for Program Reward. Mail your Claim Form, Initial Price Match Documents and Final Price Match Documents to the following address:

 

Abide Retirement LLC
2901 W. Bluegrass Blvd, Suite 200
Attn: Compliance Department

 

If the Final Price Match Documents are accurate and prove that the loan closed with the product and terms previously quoted by the competing lender in the Initial Price Match Documents, we will send you a Reward within 6-8 weeks of receiving your complete and verified Claims Form.

 

All communications relating to the claim must be writing.

 

Abide will not be responsible for system failures, website downtime, undelivered mail, or any technical malfunctions that prevent your information from reaching Abide.

 

All documentation submitted by you to Abide will not be returned.

It is the Participant's sole responsibility to provide a valid mailing address for the distribution of Reward.  Abide is not liable for the failure of the Participant to provide valid contact information.

 

No phone calls regarding the Reward claim will be accepted. All inquiries regarding Reward claim should be directed to the following email address admin@tryabide.com.

 

Abide is not responsible for lost, late, or mutilated Rewards.

 

Abide will make all determinations and decisions as to eligibility and qualification for issuance of the Reward. All Abide decisions are final.

 

Limit of one (1) claim per person/household for the Program. Any attempt by any Participant to enter more than one (1) Claims Form by using multiple/different addresses, identities, logins, and/or any other methods will void all of that Participant’s submissions, and that Participant will be disqualified. Late Claims Forms will not be accepted. Abide is not responsible for lost, late, mutilated, or incomplete Claims Forms. All Claims Forms shall become the exclusive property of Abide and will not be returned. Abide and Program Entities have no obligation to acknowledge receipt of or to return any Claims Forms received. Claims Forms that: (a) are determined by Abide in their sole discretion to be indecent, offensive, inappropriate, or morally objectionable, (b) illegal or are otherwise unfit for use; (c) incomplete or (d) violate these Official Rules will not be eligible.

 

By submitting a Claims Form, the Participant: (i)  warrants and represents that he/she has read these Official Rules is eligible to participate in the Program and agrees to be bound thereby; (ii) warrants and represents that all of the information provided in his/her Claims Form is accurate, (iii) warrants and represents that the Claims Form is the original work of the Participant and does not violate any third party's legal rights (including without limitation rights of copyright, trademark, or other intellectual property rights, privacy, and/or publicity), and/or any applicable law; (iv) agrees that Participant will be solely responsible for any and all resulting tax consequences for participating in the Program; and (v) consents to allow Abide to use any information contained in the Claims Form materials to provide Participant with information about available products or services in accordance with applicable law.

 

REWARD CONDITIONS: The Reward is not transferable and no cash redemption or substitution is allowed. ABIDE reserves the right to award no Reward, at any time. Qualified Participants are solely responsible for all matters that may become due in respect to the Reward, including, but not limited to, any expenses not stated herein and all applicable federal, state, and local taxes.

 

REWARD:  Limit One (1) Reward per Qualified Participant: Qualified Participants will receive a Reward with an approximate retail value of $1,000 subject to the terms and conditions of the applicable third party.  The reward will be mailed via USPS to Qualified Participants within 6-8 weeks from receipt of a completed and verified Claims Form.

 

It is the sole responsibility of the Qualified Participant to provide a valid mailing address for the distribution of Reward.  ABIDE is not liable for the failure of the Qualified Participant to provide valid contact information. No phone calls regarding the Reward claim will be accepted. All inquiries regarding Reward claim should be directed to the following email address admin@tryabide.com.  ABIDE is not responsible for lost, late, or mutilated Rewards.

 

GENERAL RULES OF PARTICIPATION: This Program is subject to all applicable federal, state, and local laws. By participating, Participants agree to be bound by these Official Rules and the decisions of ABIDE and waive any right to claim ambiguity in the Program or these Terms and Conditions. ABIDE is not responsible for lost, late, misdirected, undeliverable, or incomplete Claims Forms, whether due to system errors or failures, faulty transmissions or other telecommunications malfunctions, Claims Forms not received resulting from any hardware or software failures of any kind, lost or unavailable network connections, failed, incomplete or garbled computer or telephone transmissions, typographical  or system errors and failures, faulty transmissions, technical malfunctions, or otherwise. ABIDE may prohibit a Participant from participating in the Program or receiving a Reward if, in its sole discretion, it determines that said Participant is attempting to undermine the legitimate operation of the Program by cheating, hacking, deception, or other unfair playing practices (including the use of automated quick entry programs) or intending to annoy, abuse, threaten or harass any other Participants, ABIDE, or Program Entities. If for any reason this Program is not able to be conducted as planned, including, but not limited to, by reason of infection by computer virus, bugs, tampering, unauthorized intervention, fraud, or any other causes beyond the reasonable control of ABIDE and Program Entities that corrupt or affect the administration, security, fairness, integrity, or proper conduct of the Program, then ABIDE reserves the right at their sole discretion to cancel, terminate, modify or suspend the Program and choose from those Claims Form received up to the cancellation/suspension date. CAUTION:  ANY ATTEMPT BY A PARTICIPANT OR ANY OTHER INDIVIDUAL TO DELIBERATELY DAMAGE OR UNDERMINE THE LEGITIMATE OPERATION OF THE PROGRAM MAY BE IN VIOLATION OF CRIMINAL AND CIVIL LAWS AND SHOULD SUCH AN ATTEMPT BE MADE, ABIDE AND PROGRAM ENTITIES RESERVES THE RIGHT TO SEEK REMEDIES AND DAMAGES (INCLUDING ATTORNEY’S FEES) FROM ANY SUCH PARTICIPANT TO THE FULLEST EXTENT OF THE LAW, INCLUDING CRIMINAL PROSECUTION.

 

NO LIABILITY: By participating, Participants agree to release, discharge, indemnify and hold harmless ABIDE, Program Entities and each of their respective officers, managers, directors, employees, representatives and agents (“Releasees”) from and against any claims made by Reward recipients, Participants, or any other third parties, related in any way to the operation of this Program as well as any other claims, damages or liability due to any injuries, damages, or losses to any person (including death) or property of any kind resulting in whole or in part, directly or indirectly, from acceptance, possession, misuse, or use of any Reward  or participation in any Program-related activity or participation in this Program. In all events, the sole maximum liability of the Releasees shall be limited to the cash value of the Reward or One Thousand Dollars ($1,000.00), whichever is less.

 

PRIVACY:  By participating in the Program, ABIDE will collect your name, address, phone number, age, e-mail address, and any additional information provided by you (if any).  ABIDE will use this information to administer your participation in the Program and in accordance with ABIDE’s Privacy Policy. Information that Participants provide to ABIDE will be used to evaluate the price match request and the Program and communicate with Participants regarding the ABIDE Program and otherwise as outlined in these Official Rules. By submitting either a Claims Form or the Initial Price Match Documents and or Final Price Match Documents issued by a HUD-approved competitor lender to ABIDE, all Participants acknowledge and agree that the personal information that they have provided will be maintained as confidential information in accordance with ABIDE’s Privacy Policy and all applicable Federal and State laws, regulations, and requirements. At the time you are participating in the Program, you are providing your signature and express "written" consent to be contacted by or on behalf of Reverse Mortgage Funding LLC, its affiliates, and/or its agents (collectively Company) at the telephone, email, or mailing address that you have provided for purposes of participating in the Program, to send you future information about reverse mortgages and/or  ABIDE's products or services, even if you have previously registered on a "do not call" government registry or requested ABIDE to not send marketing information to you by email and/or direct mail. You agree that ABIDE may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other services for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any ABIDE products or services. If you do not wish to authorize ABIDE to contact you in this manner, you can call 855-282-6588 to complete your request. You understand that you can revoke this consent at any time. ABIDE is dedicated to protecting your privacy.  Participants may view ABIDE’s Privacy Policy located at https://www. https://www.tryabide.com/legal

 

Participants may contact ABIDE regarding privacy issues by contacting ABIDE at:

 

Abide Retirement LLC

2901 W. Bluegrass Blvd, Suite 200

Attn: Compliance Department

801-477-7273

 

CONDITIONS AND CONFIDENTIALITY: By submitting either the Claims Form or the Initial Price Match Documents and or the Final Price Match Documents issued by a HUD-approved competitor lender to ABIDE, you understand and agree that the information contained therein will be treated as confidential information, will be used for purposes related to the Program, to send you future information about reverse mortgages and or ABIDE's products or services  and will not be distributed, sold or otherwise transmitted outside of ABIDE. You further understand that your name may be listed (together with your pricing results) for statistical and/or regulatory requirements without further compensation to you or review by you. The Claims Form, Initial Price Match Documents, and or the Final Price Match Documents submitted by you will not be returned. The Participant further agrees to release ABIDE, from any and all claims related to such use by ABIDE, including any commercial advertising presentation, web content, or any other material subsequently produced, presented, and/or prepared by or on behalf of ABIDE.

 

CHOICE OF LAW: Except where prohibited, participants agree that: (1) any and all disputes, claims, and causes of action arising out of or connected with this Program, or any Reward, or the determination of a Qualified Participant shall be resolved individually, without resort to any form of class action, and exclusively in federal or state courts located in Utah County, Utah, USA, and (2) any and all claims, judgments, and awards shall be limited to actual out-of-pocket costs incurred, including costs directly associated with entering this Program but in no event attorneys’ fees; and (3) under no circumstances will Participant be permitted to obtain awards for, and Participant hereby waives all rights to claim, punitive, incidental and consequential damages and any other damages, other than for actual out-of-pocket expenses, and any and all rights to have damages multiplied or otherwise increased.  All issues and questions concerning the construction, validity, interpretation, and enforceability of these Official Rules, or the rights and obligations of Participants and/or Releases or to in connection with the Program shall be governed by, and construed in accordance with the laws of the State of New Jersey, without regard for the conflicts of law doctrine of that State or any other jurisdiction. Should any term of this paragraph be determined by a court of competent jurisdiction to be void, unenforceable, or contrary to law, such term or provision shall, but only to the extent necessary to bring this paragraph within the requirements of the law, be deemed to be severed from the other terms and provisions hereof, and the remainder of these Official Rules shall be given effect as if it had not included the severed term herein.

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