|
- Contact:
Deb at 651-308-8767 or 866-321-1566.
- Determine Eligibility: We will go through your situation and determine if you
are eligible for the Reverse Mortgage program and if it will benefit you. If yes, then an appointment will be set up to meet
and discuss how the Reverse Mortgage program works and the specifics for your situation.
- Application: At your appointment,
if you decide that the Reverse Mortgage is the right option for you, we will complete an application. The application is then
on hold until you complete counseling.
- Counseling: The federal government requires that you receive free and independent
counseling by an approved non-profit agency. We will provide you with a list of the approved agencies. Counseling can happen
in person or over the telephone. Upon completion of the counseling you will receive a certificate.
- Processing: Once
we receive the counseling certificate from you, we will start the processing of your application. This includes ordering the
appraisal of your home and ordering the title work.
- Underwriting Approval: The complete loan application package is
given to underwriting for review and approval.
- Closing: Upon receiving approval, your closing is scheduled. Closing
can happen in our office, the title company's office, or your home.
- Funding: On the fourth business day after closing,
your Reverse Mortgage funds. Any mortgage balance is paid off, any lump sum payments are sent to you, and the ongoing payment
plan you selected begins.
- Repayment: You never have to make a payment on your Reverse Mortgage as long as you are
living in your home. Repayment only occurs when you are no longer living in your home.
|
