We will educate you on the types of reverse mortgages that will work best to acieve your specific goals. We will guide you throug the process and help explain the terms, benefits, and costs of each type of reverse mortgage.
Counseling is required for all Home Equity Conversion Mortgages. Counseling can take place in person or over the phone. The session typically lasts for 90 minutes or less. We are not permitted to direct you to a specific counselor or agency, but we will provide you with a list of approved counselors.
Once you’ve received the counseling certificate from your counselor, we will be ready to begin the application process and start collecting the necessary information needed. At this time, we will review the details of the loan and answer any of your questions.
Once you sign the application, the loan moves to processing where the appraisal and title are ordered. The borrower is required to pay for this service when it is ordered. When the appraisal is received it will be reviewed by the lende alongwith the application for approval.
Once your loan application is approved, closing is scheduled with a title agent. We will confirm with you on how you would like to receive your funds upon closing. Final figures and closing documents are prepared. Lien payoffs are made.
Closing costs are normally financed as part of the loan (except for the counseling fee and appraisal), but you have the option to pay them in lieu of financing. This process can take a few business days.
After you’ve signed your reverse mortgage loan, as with any other refinance, you have three business days to cancel your loan. This is known as the “Right of Rescission” period. Once they’ve passed, your funds are disbursed in the form you chose. You may change your payment plan at any time by requesting a new payment plan agreement from your servicer.
After your loan closes, a loan servicer will manage your account. The servicer will disburse your monthly funds and provide a monthly statement for your review. We are always available to answer your questions or concerns.