SEVEN EASY STEPS
TAKE STOCK OF YOUR CIRCUMSTANCES
Take stock of your financials needs and goals.
Determine if Reverse Mortgages are right for you and your family. Next..the application process.
THE PAPERWORK
Fill out an application with supporting documents. This can be done face to face in your home or remotely.
Easy and straight forward.
Have HUD approved counseling.
This can be done in person or via telephone.
Takes about an hour and is NOT a test, but an opportunity to ask a third party questions and to ensure you are fully aware of the program and how it pertains to you. All will be thoroughly explained in person or remotely prior to counseling session.
ESTABLISH HOME VALUE
The lender will have a HUD approved appraiser establish value of the home.
LOAN PROCESSING AND UNDERWRITING
We will send all required documents to lender. They will issue loan approval.
If any other documents are required, we will contact you.
LOAN CLOSING
We will send a closer to your home, if you wish, or in our office or title company. If in your home, every safety precaution will be strictly adhered to.
RECEIVE FUNDS
If you have a mortgage being paid off, this will occur at this time.
If you are receiving funds, this can be automatically deposited into your account or an overnight check sent to you. Credit line will also be established at this time.You decide how funds will be disbursed.
All of this occurs after 3 day right of recission. You need a reverse mortgage broker specialist.