A Home equity loan that creates cash liquidity for homeowners who are 62 years of age or older
The simplest way to explain a reverse mortgage, is that reverse mortgage is a home equity loan that creates cash liquidity for homeowners who are 62 years of age or older, and it does not need to be repaid until the borrower moves, sells the house, or passes away. Reverse Mortgage loan amount is calculated by a formula based on the home’s value, the borrower’s age, and current market interest rates. The loan is typically repaid with either proceed from the sale of the house or with funds available from other assets.
Reverse Mortgage is designed to help senior citizens to convert their home equity into cash that can be used for a supplement to a fixed retirement income, pay for medical bills, pay for other daily expenses or simply improve the overall lifestyle of the borrower.
The first step in getting a reverse mortgage loan is to get in touch with a reverse mortgage specialist
The first step in getting a reverse mortgage loan is to get in touch with a reverse mortgage specialist that offers a 100% free consultation, the loan officer will explain how reverse mortgage works, educate you on the different aspects of the loan, and answer all of your questions, this way you can make an educated decision on whether this loan is for you or not. Remember the borrower must be 62 years of age or older to qualify for reverse mortgage.
If you have a question or of you are ready to get started please call us at 1 (888) 357-6949.
Fill out reverse mortgage application, and provide copies of required documents.
After you get all of your questions answered and you have determined that you qualify for reverse mortgage, then the next step will be to start filling out your paper work. Your dedicated loan officer will assist you with that process.
With the application, copies of key documents for each borrower will be required, such as Social Security Card or Medicare Card, photo ID, recent copy of mortgage statement (if applicable), recent copy of tax bill, home owner’s insurance policy, Deed of Trust (if applicable), and a death certificate for any deceased property owner whose name still appears on the title.
To ensure that you have a full understanding of the reverse mortgage loan processes
The borrower of a reverse mortgage is required to complete a loan counseling session. In most cases, this must be by a third party independent agency and generally a list of appropriate agencies is provided. The borrower sets up the counseling and completes the session. This can be scheduled online. A packet of preparatory materials is supplied for the borrower.
The purpose of the loan counseling is to ensure that the borrower has a full understanding of the reverse mortgage loan processes, benefits, requirements and potential disadvantages. It helps in determining the circumstances of the client’s situation along with the established financial needs. It also explains the features of the reverse mortgage along with all tax and other financial implications of the reverse mortgage.
Fill out reverse mortgage application, and provide copies of required documents.
The borrower has 3 business days after signing the papers to cancel the loan. Upon expiration of this period, the loan funds are disbursed. The homeowner accesses the funds in the form of the payment option selected.
As a borrower, you have the right to change your payment plan at any time. You simply request a new Payment Plan Agreement form from your Servicer. Once the agreement is executed, the new payment plan will go into effect the first business day of the next month.
