Awareness
The reverse mortgage loan may have been mentioned on television, radio, online, in a mailer, or through your own research.
Education
It is crucial to meet with a qualified Mortgage Loan Originator. This is when you get an analysis of your situation, learn about your specific numbers, and what you qualify for.
Counseling
HUD-approved counseling agencies are required to provide reverse mortgage borrowers with counseling. The borrower is typically responsible for paying this fee. Ensure you complete the Reverse Mortgage Loan Process as soon as possible by consulting your Annuity Loan Originator. Telephone counseling is often possible. A certificate will be sent to you for your records. One certificate will be kept by you and one will be sent to our office.
Action / Application
Decide whether a reverse mortgage is right for you by meeting with your Mortgage Loan Originator. You may meet with our reverse mortgage specialists in person, over the phone, or at your home for assistance with your application. Your trusted financial advisors (i.e. CPA or attorney) or family member(s) will receive a complete copy of all the documents for their review.
Financial Assessment
HECM loans will be evaluated based on a borrower’s credit history, property tax payments, and other factors to determine the borrower’s ability to meet the ongoing obligations of the loan.
The Appraisal
You will receive an appraisal request once we have received your HUD counseling certificate. Borrowers are responsible for paying the appraisal. FHA appraisals are required for reverse mortgages. Based on recent sales of comparable properties in your neighborhood, you can estimate the value of your home.
Processing
Documentation will begin to be processed by the lender. In this process, an appraisal and title report are completed, as well as any liens or mortgages that need to be paid. Additionally, income verification and other credit factors are gathered at this time. During this time, we will communicate regularly.
Underwriting
When the processing and all paperwork is complete, we forward your file to the loan underwriter to determine if the loan will be approved and will work to satisfy any conditions/requirements needed to close the loan.
Closing & Funds Disbursed
If 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 partial 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 (rescission) period has passed, your funds are distributed based on the payment option you chose at closing. HECM for Purchase loans do not have a rescission period. See HECM for Purchase Guidelines for more information.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Kevan Green
C2 Reverse Mortgage Professional
NMLS #256908 | BRE #01140535
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker BRE #01140535 | NMLS #256908 Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation is approved to originate VA loans, and has the ability to broker such loans to VA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.
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Kevan Green
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