These are the settings for Hotmail as exchange on my Galaxy Nexus. They might be different on your phone. There used to be a web link for the settings on Hotmail's website, but since they released their application, the information has been removed. I think the full information was posted on this community once before. That was how I learned about this option the first time.
Use secure connection (SSL) is YES
This exchange setting also offers Automatic (Push) notification of emails.
Hopefully this is enough information for you to set up your Hotmail as exchange and it helps with how you want to access your account on the phone.
I'm most definitely NOT a VZW employee. If a post answered your question, please mark it as the answer.