A licensed Specialist will call you and make all the Arrangements.
HOW DOES IT WORK?
These are some typical steps in the process.
The objective of the first step is to assess the specific needs of the Reverse Mortgage prospect(s). This is a very important beginning, for, without a positive outcome, there is no use completing the other steps.
The only way you can determine the benefit(s) of a Reverse Mortgage is to ask questions and discuss your goals with a Reverse Mortgage Specialist. The objective may be to eliminate the underlying first mortgage that drains monthly available funds. It might be to obtain funds to complete expensive home repairs. It might be to have a second honeymoon. Some folks need to move from a home that has lost its usefulness to a more optimal home. All these and many more are reasons to consider a Reverse Mortgage. See Scenarios Page for more thorough examples There is no limit as to how a Reverse Mortgage consumer chooses to use proceeds.
Step Two- Complementary Quotation
Once a viable strategy has been reached, your Revere Mortgage Specialist will ask a series of questions in order to prepare a complementary Reverse Mortgage Quotation. This document contains information to help explain your alternatives, financial results you can expect, frequently asked questions, Federal Truth-In-Lending, and much more.
Step Three-Thorough Review of the Quotation
An appointment will be arranged to discuss the elements of the quotation in detail, so that you may have a better understanding of the elements of a Reverse Mortgage.
Step Four-Your Decision to Move Forward or Not
Up to this point, you have made no commitments or expended any funds to become educated and to decide if a Reverse Mortgage is right for you. If you choose to continue, your next steps will include:
* Selection of a federally credentialed HUD counselor, who you will choose from a list provided in the quote above.
* Your participation in assembling copies of specific documents (such as tax returns, bank statements and other information that will enable the lender to evaluate your inclination and financial ability to pay future property taxes, insurance, association dues, and property maintenance.
* A credit report will be requested and evaluated.
Step Five- Completion of the Reverse Mortgage Application
Step Six- Property Appraisal
Step Seven-Opening Escrow
Step Eight-Signing the Final Documents
Step Nine- Closing and Funding
The elapsed time to close a Reverse Mortgage may vary, however, the culmination is rarely less than forty-five days.
The process is thorough and designed to protect the consumer. AARP conducted a survey of those members who took a Reverse Mortgage. Over 93% were pleased with their decision to take a Reverse Mortgage.