The reverse mortgage loan may have been mentioned on television, radio, online, in a mailer, or through your own research.
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.
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.
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.
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.
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.
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.
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