In the right situation a Reverse Mortgage can be a huge help in assisting seniors restructure their finances. We strive to make it as easy as possible to find and fund the best Reverse Mortgage for you. And since a Reverse Mortgage is so much different than a tradtional home loan, we make sure to be completely in stride with you each and every step of the transaction, working to ensure that the loan provided meets your needs in all ways. This kind of service should include those people in your life whom you trust most, including attornies, friends, family members or other trusted advisors.
The first thing you want to do, before you even talk to a loan agent, is to begin educating yourself on the basics of Reverse Mortgages.
Below are a few good places to start;
The National Reverse Mortgage Lenders Association (NRMLA) which is the “national voice and conscience of the reverse mortgage industry.”
After you have studied the basics, you are required to participate in a mandatory Reverse Mortgage Counceling session, which typically costs $125 for an individual meeting. The purpose of the counsultation is to verify your understanding of the research you've done so far and are ready and well informend enough to move to the next phase. In certian instances, the cost may be waived and can be done either face to face or over the phone, if needed.
Once the consultation has been completed, you are now ready to work with a loan officer to start the application as they review your specific situatuion to see if this would acatually work for you.
With the counciling certificate and signed application & disclosures being completed, you are now in line to begin the Appraisal process. This is an inspection to determine the current value of the home for further help in qualification. Concurrently, we will then order the Title Report for the home to ensure the trail of ownership meets with lender requirements. These two items can typicall take a week or two to complete.
This is the stage in which the underwriter reviews all of the gathered documentation to ensure all parts are in allighment with the application and stated goals. If all is accurate and as was expected in the application, this phase should be followed by good news; the "Clear-to-Close" so that you can finalize the transaction.
The Clear-to-Close is followed by a formal signing & consumating of the final transaction and its terms, which will be the basis for your loan going forward. This can be done in person at the Title/Escrow office or, if needed, a mobile notary may be arranged to help you sign at your home.
All refinance loans (including Reverse Mortgages) are required by law to include a mandatory 3 day waiting period. Once this has passed your loan is funded and then recorded with the County in which the property resides. Then, you are officially done.
*This is a loan that must be repaid. Borrower(s) must be 62 years of age, are responsible for property taxes, homeowners insurance, maintenance of home, HOA dues and must be primary residence. Eligible non-borrowing spouse may be under 62. These materials are not from HUD or FHA and this document was not approved by the Department or Government Agency.