Q U I C K E N L O A N S G U I D E

Managing Your Finances After the Loss of a Loved One

The Easiest Way to Get a Home Loan®

Home Loan U is a free educational series from Quicken Loans,

created to help you make the most of your home, and home

financing, at every stage of life.

The Easiest Way to Get a Home Loan®

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TABLE OF CONTENTS

Introduction........................................................................................4

Step 1: Manage Funeral and Other Related Expenses ...................................5-6

Step 2: Protect Your Home & Family ................................................... 7-10

Step 3: Protect Your Credit .................................................................. 11

Step 4: Maximize Your Cash Flow .....................................................12-13

Step 5: Establish Your Own Credit Rating ............................................ 14-15

Step 6: Plan for the Future .................................................................. 16

Never Stop Learning: Count on Quicken Loans for Life ................................. 17

Contacts at a Glance ......................................................................... 18

Quicken Loans Financial Checklist ..................................................19-21

Quicktips ........................................................................................ 22

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This is a difficult time for you. And, unfortunately, a time when you are faced

with several important decisions. We understand, and we want to help.

Quicken Loans has been helping families through financial challenges for over

20 years. Right now, we want to help you consider the financial resources you

may need to get through this difficult time.

For more than 20 years, Quicken Loans has helped clients make important financial decisions during emotional and disruptive times, such as the loss of a loved one. Along with your attorney and financial advisor, a home loan expert from Quicken Loans can help you steer through the decisions ahead.

Please remember, this guide is not meant to replace the valuable advice of a tax or financial advisor. Please consult a professional before making decisions.

MANAGING YOUR FINANCES AFTER THE LOSS OF A LOVED ONE

PLEASE INCLUDE THIS GUIDE AMONG YOUR REFERENCES AS YOU:

• Manage funeral and other related expenses

• Protect your home and family

• Protect your credit rating

• Maximize your cash flow

• Establish your own credit rating

• Plan for the future

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STEP 1: MANAGE FUNERAL AND OTHER RELATED EXPENSES

Many families are unprepared when the time comes to make final arrangements

for their loved ones. Choosing funeral arrangements can be a difficult and

costly process. The following information is intended to help you consider your

options, so you can make the best choices for your situation.

CONSIDER YOUR OPTIONS:

Covering Funeral CostsThis is an especially vulnerable time for you. The options presented to you may be numerous and confusing, but it can be easier if you take the following steps when making funeral arrangements:

FIND OUT IF YOU’RE ELIGIBLE FOR ASSISTANCE WITH FUNERAL COSTSContact the Social Security Administration, the Veteran’s Administration, or your state’s health and human services department. Every little bit can help make funeral arrangements more affordable for you.

SET A BUDGETYour budget should be based on what funds you have available from the above resourc-es, life insurance or the estate. Prices for caskets and services vary greatly, so don’t hesitate to shop around. (This is a great opportunity to accept the help of a close friend or family member.) Viewing, funeral ceremonies and an average casket can cost $5,000 or more, excluding charges for a burial plot and any fees a cleric may charge. Less expensive options include a graveside-only service or cremation, which can cost between $1,000 and $2,000. Plus, expect additional expenses, which can include travel accommodations, child and elder care, attorney fees and catering.

LOOK INTO PAYMENT PLANS Contact funeral homes in the area to ask about payment plans.

REQUEST AN ITEMIZED PRICE LIST Ask for an itemized price list (required by federal law), and make sure you understand everything it includes.

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Your Home Equity - A Valuable and Useful Asset Consider the equity in your home as a possible source of funds for covering some of these special expenses. If this makes sense in your situation, a Quicken Loans home loan expert can help you decide what type of loan you need and how much you can borrow.

Paperwork fees can quickly add up as well. If your loved one had life insurance, you can cover some of these bills when the payment comes. If you pay any out of your own pocket, be sure to keep all receipts and, if possible, get reimbursed from the estate.

Remember, lost income is another financial factor. Because your loved one will no longer receive a paycheck or social security payments, your total financial picture may change. Also, depending on your own employer’s policy, you may lose income should you take an extended leave at this time.

Protect Yourself from Scams Sadly, survivors are sometimes preyed upon by con artists. They obtain names from obituaries and send fake bills in the name of either the deceased or the survivor, hoping the bill will be paid out of confusion. If you receive an unfamiliar bill, contact the creditors to ask for a more detailed explanation of the charges.

Because your loved one will no longer receive

a paycheck or social security payments, your

total financial picture may change.

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It’s understandable in a time of grief to want to put aside the financial

attention your home demands. Again, this is a good opportunity to accept the

help of close friends or family. It’s important to protect your home and family

right now.

Obtain Copies of the Death Certificate You will need about 10 original copies of the death certificate to manage most of your loved one’s financial affairs. If you are the next of kin or estate executor, you can get the death certificate from the courthouse, either in person or by mail.

Find Financial Records Locate all bills and financial records. If this is difficult, try to locate payment stubs or a check register to get started. Last year’s tax return is another good place to find information regarding bank accounts, retirement accounts and other assets. Call the companies whose names appear on the return.

STEP 2: PROTECT YOUR HOME & FAMILY

Locate all bills and financial records. If this

is difficult, try to locate payment stubs or

a check register to get started.

TAKE THE FOLLOWING STEPS:

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Make a List of Your BillsIt’s a good idea to make a list of company names, what is owed, and when. We’ve included a checklist at the end of this guide to help you get started and keep track of your progress. Accounts to consider include:

• Credit cards• Utilities• Bank accounts• Mortgage• Home equity loans• Auto loans• Joint accounts

Consult your tax advisor regarding existing joint accounts, and how to proceed. This could protect you against complications in your credit score, or even from fraud (see “Guard Against Identity Theft” in Step 3: Protect Your Credit).

Know Which Debts Are Yours Unfortunately, when people are grieving, they sometimes accidentally pay bills they don’t actually owe. That’s why you should have as much information as possible to protect yourself. It’s best to go over all of your loved one’s debts with a trusted financial advisor, to find out which debts you are responsible for repaying.

THE TOOLS YOU NEED

Quizzle.com can be a powerful online tool to help you sort out your home finances

And, Quizzle does it all without ever asking for your social security number. There,

you’ll get everything you need, including a personalized budget and advice to help

manage your finances in the future.

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Manage Life Insurance, Pension Plans and Retirement Funds If your loved one was still working, meet with the human resources manager at his or her place of employment as soon as possible and find out about any funds to which you may be entitled.

Plan carefully for managing any funds you receive. One decision you might face: should you pay off your existing mortgage or keep the money in more liquid investments? Check your mortgage documents carefully to see if you face a penalty for paying off your loan early. Quicken Loans never charges pre-payment penalties, but many lenders do.

Work with a financial planner to avoid making choices that could prove costly. Many people find a financial planner through a referral from a friend or family member. However, if you prefer to find your own financial planner and need assistance, contact the Financial Planning Association by visiting fpanet.org or by calling 800-322-4237.

Find Out If You Owe Estate Taxes Many people do not have to pay estate taxes, but this is something only your tax advisor can tell you

Consult with Experts Life insurance benefits, investments, retirement accounts and income from the sale of your home can have major tax, estate and investment consequences. Consult an expert who can help you avoid making rash, and potentially costly, choices. Again, contact the Financial Planning Association by visiting fpanet.org or by calling 800-322-4237.

Mortgage and credit issues require special financial expertise. Quicken Loans home loan experts have experience, knowledge and over 100 mortgage programs to fit your individual situation and help you successfully handle these difficult issues.

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Pay Your Bills Your mortgage payment is most likely the last detail on your mind. While every mortgage provider has a different policy, some may be accommodating should you send a late payment during this time of grief. The important step to take is to contact your mortgage company to let them know the situation. If you are a Quicken Loans client, our client care specialists can help you when you call 800-863-4332.

Protect your home and credit score by paying important bills in a timely manner. If you find yourself with limited resources, certain bills take priority. Here’s a list of critical bills you may want to consider paying first to protect your family’s financial future. Feel free to use the checklist at the end of this guide to keep track of your progress.

These Bills Usually Need Immediate Attention• Mortgage or rent, real estate taxes and insurance.

If you are remiss in paying these debts, your life could get out of control very quickly. NOTE: Consider refinancing your mortgage to lower your monthly payments. A Quicken Loans home loan expert can show you loan programs that can better suit your budget.

• Health insurance• Essential utilities• Credit cards• Car loans or leases• Income taxes

Pay any taxes you owe that are not automatically deducted from your paycheck. Always file a Federal income tax return, even if you cannot afford to pay the balance you owe. Consult your tax advisor on these matters, and whether you should file as “Head of Household.”

You may be able to put the following payments on hold while your finances settle. Discuss these bills with your financial advisor:

• Student loans• Attorney, doctor and hospital bills• Debts for which you have a legal reason for non-payment

For more information, visit lawhelp.org. Select your state’s name to be directed to free legal information and referrals.

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STEP 3: PROTECT YOUR CREDIT

Your credit rating is vital to your ability to make almost any significant financial

transaction. Landlords, mortgage lenders, banks, insurance companies and

employers rely on your credit records to determine whether or not to do

business with you.

THE FOLLOWING AREAS ARE OF PARTICULAR IMPORTANCE:

Credit Cards and BillsYou might consider converting joint accounts to your name only. To protect your credit rating, make sure to pay any bills for which you are responsible on time, using the guidelines we’ve listed for you under “Protect Your Home.”

Your Home Protecting your status as a homeowner in this particularly vulnerable time is critical to your overall credit score. To make sure yours is secure, you’ll need to know:

• Whose name is on the title/deed of the home —contact your county assessor’s office.• Who is the lender on the mortgage—look on mortgage documents or payment coupons.

Consult your financial advisor about jointly held property. You may want to get the mortgage changed to your name only, or even refinance the mortgage to obtain needed funds. Quicken Loans can help you with that.

If Bills Were Not in Your Name If your loved one had most or all of the bills in his or her name only, you will need to establish your own credit. Find out how in Step 5: “Establish Your Own Credit Rating.”

Visit Quizzle.com, the online tool from Quicken loans

that helps you manage your home and home finances.

You’ll get a free copy of your credit report and the tips

you need to avoid fraud.

MONITOR YOUR CREDIT REPORT

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STEP 4: MAXIMIZE YOUR CASH FLOW

The death of a loved one can significantly change your financial status,

especially if your loved one was employed and his or her earnings contributed

to the household finances.

CONSIDER THE FOLLOWING:

Create a Budget Many people find it useful to make a list of monthly expenses and compare it to their adjusted monthly income. To get started, you’ll need to track all of your income and expenses for a month. Make sure to include all purchases—even the small ones. Write them down in a notebook or keep the receipts. Make a list of categories, and include how much you spend in each category for the month. Don’t forget to include money that you save each month to help you meet your future goals. Be realistic about your budget, so that it’s easy for you to follow. When you add up all the expenses and compare the total to your income, you’ll be able to see what next steps you should take.Or, as we mentioned, Quizzle.com can be a helpful tool when budgets and bills seem overwhelming. There, Quizzle will create a budget for you, help monitor your credit report and make sure you’re in the best mortgage program for your situation. And, you’ll get all of your personalized information for free, without ever entering your social security number.

Reduce Expenses You might need to reduce or eliminate expenses if there is a change in the household income. Look at various strategies, from small (turning off lights in unused rooms, for example) to major changes (switching to a more economical car). You might be surprised at how much you can save by taking even the smallest steps.

Guard Against Identity Theft Unfortunately, changing accounts can make you vulnerable to identity theft. When someone has access to your Social Security number, credit card numbers and other information, he or she can make unauthorized charges, obtain accounts or loans in your name, or commit tax fraud.

Quicken Loans offers a guide that teaches you how to protect your identity and your credit. Download the Home Loan U Guide to Protecting Your Identity or call us at 800-979-4922 for your free copy.

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Control Debt We understand that maintaining expenses within a new, smaller budget can be difficult. But it’s important not to take on more debt than you can manage. For example, in most cases payday loans or loans from credit cards are not good ways to make required payments. Doing so can threaten your long-term financial health as well as your ability to protect and provide for your family.

Boost Your Income Finding new sources of income makes a big difference for many families. Consider taking on a second job or starting a sideline business. Find out if you’re eligible for temporary public benefits or tax breaks. Contact your local public assistance office for more information.

Consider a Loan If You Need to Bridge the Gap

You might also consider refinancing your mortgage to use some of the equity in your home. A cash out refinance can be useful for meeting large, one-time expenses. Monthly payments will likely be substantially lower than the sum of your other bills because you will be repaying the loan over a greater period of time—for as long as 30 years.

A Quicken Loans home loan expert can help you determine whether this type of loan would be appropriate for you. Quicken Loans is the leading online home mortgage lender in the country with a wide range of loan options, including those that don’t require you to document your income. Log onto our website for information, including mortgage calculators and online chat opportunities with home loan experts.

Find out if you’re eligible for temporary

public benefits or tax breaks. Contact

your local public assistance office for

more information.

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STEP 5: ESTABLISH YOUR OWN CREDIT RATING

Establishing your own credit rating is a positive step toward achieving financial

stability. If your loved one had most or all of the bills in his or her name only,

this is something you may want to consider as soon as possible.

HERE’S HOW:

1. Find Out Your Credit ScoreA key step to securing a financial future is to find out your credit score, the three-digit number lenders use to gauge your credit worthiness. To find yours, go to Quizzle.com. Your free credit score and tips to improve it will be generated in moments—and your score and report will be there for you to monitor thereafter. Clear up any inaccuracies by contacting Experian at 888-397-3742.

For complete information about your credit score and what it means to your financial health, download the Home Loan U Guide to Managing Your Credit.

Go to Quizzle.com for your free credit re-

port. Your credit score and tips to improve it

only takes a moment to generate plus, you’ll

never have to give out your social security

number.

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2. Repair Your Credit Score, If NecessaryIf your credit score is not what you’d like it to be, there are many ways you can repair your credit. Here are some basic things you can do:• Pay your bills on time• Pay off debt, rather than moving it from credit card to credit card• Don’t open accounts you don’t need • Don’t max out your credit cards

3. Build Your Credit ScoreIf you have yet to establish credit in your own name, begin building a credit score of your own. Here are a few ways you could start building your credit: • Open checking and savings accounts in your name.

• Apply for a credit card. You only need one or two, from a gas company and a depart-ment store, for example. Then make small purchases regularly and always pay bills on time.

• A year or so after you have made faithful payments on a credit card, apply for an installment loan (an auto loan, personal loan or mortgage, for example).

You can find more information about credit scores in the Home Loan U Guide to Managing Your Credit.

You can find information on

repairing your credit in the

Home Loan U Guide to Managing Your Credit.

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STEP 6: PLAN FOR THE FUTURE

When faced with the death of a loved one, planning for the future is prob-

ably not on your mind. Take some time. When you feel the time is right, take a

longer-term view of your situation to ensure a solid financial future. At Quicken

Loans, we want to help you have the financial resources you need to move for-

ward.

AT THIS TIME, YOU MAY WANT TO:

• Define your financial goals.

• Create a new financial plan for your needs. For help making a financial plan,

contact the Financial Planning Association by visiting fpanet.org, or call them at

800-322-4237.

• Explore your career or job options, including retirement.

• Re-examine your investments.

• Create an estate plan for yourself.

Consider personal financial software to streamline banking, investing, taxes, financial planning, budgeting and more. Quicken® has a range of personal financial software products, with different levels for different needs. Get more information from Intuit by visiting their website at quicken.com.

© 2000-2007 Quicken Loans Inc. All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit, Inc., used under license. “Intuit”, “Quicken”, and “Turbo Tax” are the registered trademarks of Intuit, Inc.

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NEVER STOP LEARNING: COUNT ON QUICKEN LOANS FOR LIFE

The Easiest Way to Get a Home Loan®

Your Quicken Loans home loan expert is not only here to help you manage your

home financing today, but will also help you to achieve your long-term goals.

After all, life changes, and your mortgage should change with it.

As a service to our clients, we will keep you informed of industry trends and

new home financing options long after your closing. We’re always tracking

current mortgage rates and we’ll alert you if the market ever moves to benefit

you in any way.

Any time you have questions regarding home financing, we encourage you to

contact your home loan expert. Quicken Loans will continue to give you the

service you deserve for the life of your loan.

A referral is the best compliment. If you had a great experience with Quicken

Loans, tell someone you know. We can proudly say that 9 out of 10 clients would

refer us to their friends and family. We’d be glad if you would, too.

As an additional benefit, check out Quizzle.com, a new home and money site from Quicken Loans. Quizzle is the only place that gives you a simple understanding of your home and your money, all in one spot. You’ll get a free credit report and score, home value estimation, mortgage recommendations, budget tool and so much more! We’ll also hook you up with important tips on how to make the most of your home and money — minus the confusing financial jargon.

powered by

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CONTACTS AT A GLANCE

The following is a list of the resources included in this guide:

LEGAL HELP

The American Bar Association 800-285-2221 • abanet.org Click on “Public Resources” and then “Lawyer Referral Services”

lawhelp.org

findlegalhelp.org

CREDIT BUREAUS AND INFORMATION

Equifax equifax.com • 800-685-1111

Experian experian.com • 888-397-3742

TransUnion transunion.com • 877-322-8228

FINANCIAL PLANNERS

Financial Planning Association fpanet.org • 800-322-4237

QUICKEN LOANS

quickenloans.com

quizzle.com

Home Loan U Guide to Protecting Your Identity

Home Loan U Guide to Managing Your Credit

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• Company Name Phone

Status

CREDIT CARDS

• Company Name Phone

Status

• Company Name Phone

Status

• Company Name Phone

Status

UTILITIES

• Gas Company Phone

Status

• Electric Company Phone

Status

• Local Phone Company Phone

Status

QUICKEN LOANS FINANCIAL CHECKLIST

Use this checklist to keep track of your progress as you make changes to various

accounts. Keep it where you can refer to it often.

EXAMPLE:

Phillips Dept. Store 555-9000

joint account closed, individual account opened 10/12

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UTILITIES CONTINUED

• Long Distance Carrier Phone

Status

• Cell Carrier Phone

Status

• Cable Carrier Phone

Status

• Water Company Phone

Status

• Garbage Phone

Status

INSURANCE

• Life Insurance Phone

Status

• Health Insurance Phone

Status

• Auto Insurance Phone

Status

BANK(S)

• Savings Phone

Status

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MORTGAGE LENDER

• Phone

Status

HOME EQUITY LENDER

• Phone

Status

AUTO LOAN LENDER

• Phone

Status

LOVED ONE’S EMPLOYER’S HUMAN RESOURCES MANAGER

• Name Phone

Status

PENSION PLAN HOLDER

• Phone

Status

401(k), STOCKS, INVESTMENTS

• Phone

Status

BANK(S) CONTINUED

• Checking Phone

Status

• CD’s, Money Markets Phone

Status

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DO: Give your emotions time to settle down before making major financial decisions. Some experts recommend waiting a full year.

DON’T: Sell your home or change jobs right away.

DO: Take control of paying your bills right away in order to establish and maintain your good credit.

DO: Find alternate sources of income for paying off your debt, like refinancing your mortgage.

DO: Ask for help from experienced legal and financial experts to keep your finances manageable while preserving your credit standing.

QUICKTIPS: