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Provides financial security and independence for homeowners,
age 62 years and older. |
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OBTAINING A REVERSE MORTGAGE
HOW THE PROCESS WORKS
As with any mortgage loan transaction, there are certain steps that must be taken to get you to funding.
The process is streamlined and your reverse mortgage typically funds within 45-60 days.
It is our goal to make the process as pleasant and stress free as possible for you.
In order to achieve this goal it is important that you know how the process works and what to expect.
So here is a roadmap for you to follow.
The Initial Consultation
Before you decide to move forward with a reverse mortgage, it is important to get all your questions answered.
In the initial consultation, we'll go over the program, tell you how much money you will qualify for and discuss your goals and objectives.
You may want to have a trusted advisor or family member participate in this consultation as well.
An application may be taken at this time pending completion of reverse mortgage counseling.
Counseling Session
If you decide that a reverse mortgage will meet your financial objectives, the next step is to arrange for reverse mortgage counseling with a HUD approved counselor.
We will give you a list of HUD approved counselors to choose from. There is no charge for the counseling session and it can be done over the phone or in person.
The appointment lasts approximately one hour and the counselor will make sure that you fully understand the program. A completion certificate will be given to you.
The Loan Application
If you have not already done so, it is time to complete the loan application.
You will be asked to provide your driver's license and social security card , a copy of your mortgage statement if you have a current home loan, a copy of your trust
(if applicable), a copy of your homeowner's insurance policy and your counseling certificate.
Processing Your Loan
During the processing of your loan a credit report will be run to verify there are no potential liens against your property that should be addressed.
If your home is in a living trust, the trust will be reviewed at this time.
An appraisal is ordered from a local appraiser who knows your area and can accurately assess the value of your home.
A termite report, septic tank inspection or water well inspection may be required if the appraiser calls out for them.
Typically most homes pass with flying colors and no repairs or additional inspections are required.
Once the package is complete, it is given to an underwriter for final approval.
Funding Your Loan
After final approval, you will sign your loan documents. The signing is normally done in your home with a notary public.
After the third day of signing your loan documents, your reverse mortgage loan will fund.
If you have requested funds to be disbursed to you at closing, they will be forwarded to you.
If you have an existing mortgage, it will be paid off. It takes approximately 30 days for your loan to be set up in the servicing system.
After this time you may request additional funds if you have a line of credit.
If you opted for the lifetime guaranteed monthly check you will receive your first check within 30 days of funding your loan.
Congratulations! You Have Now Achieved Financial Freedom With the Help of a Reverse Mortgage!
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Call
to speak to one of our specialists in your area
(800) 928-1121 |
| Serving the needs of Southern California seniors for more than 25 years. |
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