The first step in the process usually begins with the fact finding stage. We offer a risk-free consultation that’s can be very informational and may 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 reverse mortgages including potential loan costs, structures, rates, fees and the amount of proceeds you may qualify to receive.
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 first attend a required HUD Counseling Session. The Department of Housing and Urban Development (HUD) requires that all reverse mortgage applicants receive HUD counseling from an independent 3rd party counseling agency before applying for a reverse mortgage. This counseling session is available in many languages and may be done in person or over the phone. Here you can find HUD.GOV’s list of Approved HUD Counseling Agencies.
The Application Process
After receiving your counseling certificate, you can then begin the reverse mortgage application process. To start this process, you will need to schedule a meeting with your reverse mortgage loan originator. 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 required 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 make assessments to the exterior, interior condition and value of recently sold properties in the area. Once the appraisal is completed, we will provide you with a copy of the appraisal and review the . 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.
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.