EverBright EverOwn

The EverOwn product uses a re-amortization at month 18 to permit homeowners to take advantage of the tax incentives offered to them to help keep their payments low. There is never a penalty for paying more than the minimum at any time during the life of the contract, and additional payments are handled like this:

Paying more than the minimum before month 18

• All payments in excess of the minimum required are used in the re-amortization calculation at month 18.

• The proposal includes a projected NR (No Re-amortization) payment that would be in force after month 18 if no additional payments have been made.

• If any additional payment(s) has(have) been made, then the monthly minimum payment after month 18 would be lower than the projected NR payment.

• If the additional payment(s) equal the calculated buydown amount, then the payments after month 18 continue as the same amount as before month 18.

• If the additional payment(s) are greater than the calculated buydown amount, then the payments after month 18 continue smaller than the payment before month 18.

Paying more than the minimum after month 18

• All payments made in excess of the minimum required after month 18 go to reduce the principal balance of the contract.

• These payments will not change the required minimum monthly payment, but will reduce the number of months until the contract is paid off, or at lease reduce the size of the final payment.