Reverse It!

The Reverse Mortgage Loan Process

The Reverse Mortgage Loan Process

You’ve heard about Reverse Mortgage Loans on TV, radio, mail, friends and have most likely started a preliminary investigation on the Web…now what?  Below is a pretty simple overview of the whole process.  It really can be this simple…

Education

Meet with a qualified reverse mortgage loan professional to learn how Reverse Mortgage Loans work as it pertains to YOUR specific needs. You will learn how much you qualify for and what products best fit your present and future needs.

Counseling

HUD counseling is mandatory for all reverse mortgage loan borrowers. Counseling can be completed over the telephone or in person. I will provide you a list of HUD-Approved Counselors for you to choose from. Upon completion of your counseling, you will receive two certificates; one for you and one for me.

Application

If a reverse mortgage loan is right for you, I will meet with you at your home, my office (if possible) or over the phone to complete the paperwork. You will receive a complete copy of ALL the documents for you and your trusted advisors to review.

Appraisal

Upon receiving your application, we will arrange for an appraisal of your property. Reverse Mortgage Loans use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have recently sold for.

Processing

This includes the opening of your refinance escrow, (or coordinating with your title/escrow company on purchases) title report and confirming the balance of liens/mortgages (if any) to be paid. We update you on a weekly basis through closing.

Underwriting

We forward your complete file to the loan underwriter for final approval and will work to satisfy any conditions/requirements needed to close the loan.

Closing & Fund Disbursement

Upon loan approval, we will contact you to arrange for the signing of your final loan documents. Once you’ve signed, you have 3-business days to cancel the loan if you wish. After the third day, your funds will be distributed as you have requested. (If your transanction is a HECM for Purchase, there is NO 3 day right to cancel.)