The first step in the process is a risk-free consultation. This initial consultation is informational and can last a few hours, we encourage family members or any heirs that may have questions attend. During the consultation our professionals will explain reverse mortgages in detail, discuss your options and answer all your questions. You will leave this consultation with detailed information about loan costs, structures, rates, fees, proceeds.
HUD Approved Counseling Session..
After your initial consultation with your loan originator, you will have plenty of information to go over & review. If you decide to move forward and apply for a reverse mortgage, you will first need to attend a required HUD Counseling Session. The Department of Housing and Urban Development requires that all reverse mortgage applicants receive HUD counseling from an independent 3rd party counseling agency before applying. The session is available in many languages and may be done in person or over the phone.
The Application Process..
After receiving your counseling certificate, you can then begin the application process for a reverse mortgage. To start this process, you will need to schedule a meeting with your reverse mortgage loan originator to begin the application process. During this time we will also begin ordering the required documentation needed for the application, such as an appraisal, title review, flood determination and any other needed documents for the application.
During the application process your home will be appraised to assess its current market value. The amount you are eligible to receive is based on the home’s appraised value. A 3rd party appraiser will visit your home to assess the exterior, interior condition and value of recently sold properties in the area. Once your appraisal is completed, by law your reverse mortgage professional will provide you with a copy of the appraisal. At this point available loan proceeds may increase or decrease based on your home appraised value.
The Approval Process..
Once your application is submitted the entire approval process can take up to 4 to 6 weeks. When your file is submitted to processing their maybe be conditions that must be met to approve your loan. We will be in continuous contact with you throughout this process for any additional documentation that maybe needed. After all underwriting conditions are met and your loan is approved, you will be clear to close. Your reverse mortgage loan originator will contact you with the news, and schedule a date and location convenient to you for closing. After all documents are signed at closing, you have a 3 days by law to cancel the loan. Once this 3 day period has cleared, you can receive the loan proceeds you requested and enjoy your reverse mortgage.
How do I schedule a Free Consultation ?
Our professionals will meet with you to discuss your reverse mortgage options in detail.. Contact us today to schedule a complimentary consultation at (561) 203-6772.