How to get the Reverse mortgage Process started
Obtaining a reverse mortgage is a fairly simple process.
But there’s more to it than just filling out the application.
There are certain steps both you and the lender will need to take.
How to get Reverse mortgage Education
Meet with your trusted reverse mortgage loan officer and decide if a reverse mortgage is right for you.
This is where you learn about your specific numbers, what you may qualify for, and receive an analysis of your particular situation.
How to get Reverse mortgage Counselling
Counseling is required from an independent third-party, HUD-approved counselling agency, for all reverse mortgage borrowers. Typically this fee is paid by the borrower. Consult with your reverse mortgage professional to make sure you complete this a soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.
How to get a Reverse mortgage Application
Our reverse mortgage professionals can meet with you at our office or your home and help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted advisors or family member(s) to review.
How to get a Reverse mortgage Financial Assessment
To help ensure the long-term success of the HECM loan over time, HUD requires a review of each applicant’s credit history, property tax payments and other credit factors.
These will each be evaluated to measure a borrower’s willingness and financial capacity to meet the ongoing obligations of the loan.
How to get a Reverse mortgage Home Appraisal
Upon receiving your HUD counselling certificate we will contact you to arrange for an appraisal of your property. The appraisal is paid by the borrower. HECM Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.
How to Process your Reverse mortgage Application
We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. Also verification of income and other credit factors are gathered at this time. We will be in contact regularly during this time.
How to get a Reverse mortgage Underwriter
When the processing and all paperwork is complete, we forward your file to the loan underwriter for final approval and will work to satisfy any conditions/requirements needed to close the loan.
How to get Funds Disbursed for a Reverse mortgage
Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or lump sum (how you want to receive your money). Once you’ve signed the closing documents you have three business days to cancel the loan if you should choose to do so. After the cancellation (recission) period has passed your funds are distributed based on the payment option you chose at closing.
Get to Know Kevin A. Guttman Reverse Mortgage Specialist
As you can see theere are a lot of steps to getting a reverse mortgage but it doesn’t have to be complicated when you have a professional help you along the way.
Contant our team today to get the wheels in motion a (877) 251-9709
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