Options
If you think that a Reverse Mortgage may be helpful to you, your first step is to have a talk with us. As Reverse Mortgage experts, we will review your finances, walk through the important aspects of the loan and provide you with your best options, along with the book Understanding Reverse by Dan Hultquist as our gift to you.
Counseling
In order to qualify for a Reverse Mortgage, counseling is required by an independent, HUD-approved counseling agency. Often this can be completed over the telephone.
Application
Once counseling is complete, our Reverse Mortgage experts will meet with you to guide you through the application. Upon completion, you will have a complete copy of all documents to share with trusted advisors or family members.
Financial Assessment
Your application will include a review of your credit history, property tax payments and other credit factors to evaluate your capacity to meet the obligations of the loan.
Appraisal
Reverse Mortgages use a full FHA appraisal, paid for by the borrower. The value of your home is based on the value of comparable properties in your neighborhood.
Processing
We will take all of this information - counseling certificate, application, financial assessment, appraisal, and title report - and process your loan. We will watch the process closely and be in touch with you frequently.
Underwriting
Once the processing is complete, we will forward your loan papers to an underwriter for review and approval. We will work with you to answer any outstanding questions the underwriter may have in order to close the loan.
Closing
When your loan is approved, we will arrange a meeting to sign the final loan documents. Some Reverse Mortgage products include a 3-day cancellation period. Once this is complete, your funds are distributed based on the payment option that you choose.
