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Pricing Promise Official Rules
Genworth Financial Home Equity Access, Inc. (GFHEA) is committed to providing fair and competitive rates and terms for our customers.
When you apply for a reverse mortgage loan with GFHEA, we promise that our program offering defined as the combination of the interest rate and Net Loan Origination Fee (the Loan Origination Fee minus any Lender Credits) will be competitive with other reverse mortgage product offerings in the marketplace. We are prepared to match or beat the program offering of any HUD approved reverse mortgage competitor.
If we cannot match or beat a competitor’s program offering, we will issue you a $100 VISA Gift Card (“Gift Card”).
Program Terms/Conditions (“Official Rules”)
1. NO PURCHASE NECESSARY. No purchase of a product or service from GFHEA or any of its affiliated companies is required to be eligible. Void where prohibited. Subject to all federal, state, and local laws.
2. ELIGIBILITY. You must be a legal resident of the 50 United States or the District of Columbia and otherwise meet the qualification requirements for a HECM reverse mortgage product. Employees and immediate family members (parents, siblings, children and spouse) of employees of GFHEA or its affiliates are not eligible.
3. DEFINITIONS. A “Program Offering” is defined as the combination of interest rate and Net Loan Origination Fee (Loan Origination Fee minus any Lender Credits).
4. TIMING. Competitive pricing quotes must be presented in the form of a legally binding Good Faith Estimate issued by a HUD approved lender within thirty (30) calendar days of the date GFHEA receives your application for a reverse mortgage. The GFHEA Pricing Promise is subject to change or cancelation at any time and without notice.
5. CONDITIONS AND CONFIDENTIALITY. By submitting a legally binding Good Faith Estimate issued by a HUD approved lender to GFHEA, you understand and agree that the information contained therein will be treated as confidential, will be used only for purposes related to the GFHEA Pricing Promise and will not be distributed, sold or otherwise transmitted outside of GFHEA. You further understand that your name may be listed (together your pricing results) for statistical and/or regulatory requirements without further compensation to you or review by you. The Good Faith Estimate submitted will not be returned to you. Participant further agrees to release GFHEA from any and all claims related to such limited use by GFHEA, including any commercial advertising presentation, web content or any other material subsequently produced, presented and/or prepared by or on behalf of GFHEA.
6. EXCLUSIONS. The GFHEA Pricing Promise excludes HECM Saver, HECM for Purchase products and offers from GFHEA-approved partners.
7. RELEASE OF LIABILITY. Each participant, by receipt of the GFHEA pricing offer or the Gift Card (in the event GFHEA is not able to match or beat a competitor’s “Program Offering”, agrees on behalf of him/herself, his/her heirs, executors, representatives, assigns, administrators and next of kin to indemnify, hold harmless and release GFHEA and its affiliated businesses and each of their officers, directors, shareholders, employees, advisors, assignees, agents, representatives and any other person or entity associated with the GFHEA Pricing Promise from any and all liability, claims or actions of any kind with respect to or in any way arising from the GFHEA Pricing Promise, participation in the GFHEA Pricing Promise activity; and/or deliver or misdelivery, acceptance, possession, use, or misuse of any information provided. GFHEA is not responsible for any incorrect or inaccurate information, whether contained on the GFHEA Web site or program materials associated with or used in the GFHE Pricing Promise or caused by any technical or human error that might occur in the processing of GFHEA Pricing Promise Rules. GFHEA assumes no responsibility for any error; omission; interruption; deletion; defect; delay in operation or transmission; communications-line failure; or theft, destruction, unauthorized access to, or alteration of program materials. Any activities intended to disrupt or interfere with the proper implementation and operation of the GFHEA Pricing Promise or to defraud GFHEA in any way will be prosecuted to the fullest extent of the law. Participants who engage in any of the foregoing activities will be disqualified and will forfeit any benefits obtained. If, for any reason, in the sole opinion of GFHEA, an event occurs which could corrupt or affect the administration, security, fairness, integrity, or proper conduct of the GFHEA Pricing Promise or otherwise jeopardize the privacy of the information obtained, GFHEA reserves the right, at its sole discretion, to cancel, terminate, modify, or suspend the GFHEA Pricing Promise. GFHEA is not responsible for any typographical or other error in the printing of these Official Rules or any materials associated with the administration of the GFHEA Pricing Promise. In all events, the sole maximum liability of GFHEA and its affiliates shall be limited to the cash value of the Gift Card or One Hundred Dollars ($100.00), whichever is less.
8. CHOICE OF LAW. Except where prohibited by law, all issues and questions concerning the constitution, validity, interpretation and enforceability of these Official Rules, or the rights and obligations of the participant and GFHEA in connection with the GFHEA Pricing Promise, shall be governed by, and construed in accordance with, the laws of the State of California in the U.S., without giving effect to any choice of law or conflict of law rules (whether of the State of California, or any other jurisdiction), which would cause the application of the laws of any jurisdiction other than the State of California in the U.S.
9. PRIVACY. Information that participants provide to GFHEA will be used to evaluate the pricing promise and the Program Offering and to communicate with participants regarding the GFHEA Pricing Promise and otherwise as set forth in these Official Rules. By submitting a legally binding Good Faith Estimate issued by a HUD approved lender to GFHEA, all participants acknowledge and agree that the personal information that they have provided will be maintained as confidential in accordance with GFHEA’s Privacy Policy and all applicable State and Federal laws, regulations and requirements.
