The Reverse Mortgage Process

							The Reverse Mortgage Process

The Federal Government and the secondary markets regulates all
reverse mortgages. Interest rates, terms and loan amounts are
computed utilizing a standardized formula. Origination fees are
capped. This regulation insures the safety and security of reverse
mortgages. It also insures that all lenders use the same guidelines.
So, once you have decided that a reverse mortgage may be right for
you, the next step is to decide which product to choose from.

Step 1: Review “About Reverse Mortgages” and products

Step 2: Input your information into our “Calculator” to learn how
much money may be available to you.

Step 3: Call Laurie so that she can answer questions you have which
will help you to make a decision quickly.

Step 4: Have Laurie complete the application and disclosures for you
and mail to you for review and signatures. Return application and
documents in pre-addressed postage paid envelope to Laurie.
You will have a copy of the application and disclosure forms and even
all the forms you will sign at closing so you can read them at your
convenience, or have your attorney or trusted advisor review them if
you wish.

Step 5: Call a Hud Approved Counselor for a free mandatory
consultation appointment. Counseling can be done in person or over
the phone. Laurie will give you a list of approved counselors from
which to choose.


Step 6: Once you receive your counseling completion certificate, sign
(all borrowers sign), then call Laurie with certificate number and mail
certificate to her.
Step 7: Upon receipt of counseling certificate, Laurie will need a few
simple pieces of information from you, and will need to order an
appraisal, title, credit and inspection. But don’t panic. Laurie will set
appointments, and fill out all the paperwork for you.

Step 8: Sit back and relax.         It typically takes about 30 days to
process the reverse mortgage application. Laurie will keep you posted
regularly and be in touch with you every step of the way.

Step 9: You’re reverse mortgage is approved! Now it’s time to finalize
the details, review the numbers and make sure the tax-free cash will
be flowing to you exactly as you like.

Step 10: Close. We bring the closing agent to you. Closings typically
take place in your home because that is the most convenient for you.
After the closing, the Federal “Right of Rescission” grants you 3
business days to cancel the transaction if you choose.

What now? Well enjoy life because now you can enjoy the peace of
mind that a reverse mortgage gives you. Remember, it’s your home
for life and you will never have to make a payment for as long as you
live in your home as your primary residence. All the benefits you have
learned about the Reverse Mortgage product are true. You have made
a good decision.

Remember to stay in touch with Laurie and spread the good word on
the terrific job she did for you!