1.
Determine If You Qualify
Although the qualification process may vary by lender, there are typically
no income or health qualifications and only minimal credit score requirements
needed to qualify for a reverse mortgage. The amount of the reverse
mortgage loan for which you qualify is determined by several factors,
including:
 Homeowner
age - all homeowners on title must be at least age 62
Current appraised
value of the home
Current interest
rate We suggest you complete our Free
Reverse Mortgage Analysis and Quote Form so we can determine
if you qualify.
|
2.
Explore whether a reverse mortgage program would fit your needs
Assistance is available to explain your various reverse mortgage options
and to help you determine if a reverse mortgage best addresses your
financial needs. If you decide a reverse mortgage is the right solution
for you, the next step is determining which reverse mortgage loan
program works best for your particular situation. |
3.
Get Educated
Regardless of the reverse mortgage program you choose, counseling
by a Department of Housing and Urban Development (HUD)- approved counselor
or a Freedomn Association of Retired Persons (AARP)- approved counselor
is required. The counselor is there to help make sure you are fully
aware of your options and that you understand the reverse mortgage
program and the loan process itself. With your consent, a representative
of your lender may arrange for a HUD-approved counselor to contact
you, or they may provide you with a list of approved counseling agencies
in your area. In addition to counseling, you are encouraged to also
seek advice from your family, legal, and financial advisors. |
4.
Appraisal
Upon completion and submission of your application, the lender will
schedule an appraisal to determine the current market value of your
home and whether or not any repairs will be needed in order to meet
loan underwriting guidelines. |
5.
Underwriting
Underwriters will then review the loan file and appraisal in accordance
with the applicable FHA or lender loan policy. Upon completion, a
representative of your lender will notify you of the lender's decision
and inform you of any conditions that must be met prior to loan closing. |
6.
Loan Closing
If approved, you will then decide how you want to receive your cash
from the loan proceeds. The final step will be signing the documents
at loan closing. Disbursement of payment from your reverse mortgage
loan may begin within just days after closing. |
7.
If you qualify, and think a Reverse Mortgage could be of benenfit
to you ... Get started today!
If you complete our Free
Reverse Mortgage Analysis and Quote Form and you do qualify,
we will then contact you to discuss if a reverse mortgage best
addresses your financial needs. If so, we will help you get
the process started. You've been taking care of your home for
years. Isn't it about time your home started taking care of
you? |
