5 Easy Steps to Buy or Refinance With a Reverse HECM Mortgage

  I will contact you to:

• Carefully assess your individual needs and financial situation. This includes reviewing your income, assets and expenses; talking with you about your particular plans and concerns; and estimating how much money you may qualify for.
• Thoroughly explain the eligibility factors, benefits, features, options, costs and borrower obligations associated with reverse mortgage products.
• Answer all your questions, and help you determine if a reverse mortgage is the right solution for you—and if so, which type best fits your needs and goals.
• Prepare you for your reverse mortgage counseling session.

• To ensure that you understand all aspects of a reverse mortgage, you are required to have a counseling session with an independent counselor who is approved by the U.S. Department of Housing and Urban Development (HUD). It usually takes about 60 minutes and can be done in-person or over the phone. (Some states require face-to-face counseling.)

If you decide to proceed with the loan, I will help you complete the application and collect your documentation. 

Some of the required documents are: 

• Your signed counseling certificate, photo identification, verification of Social Security number, recent property tax bill, proof of homeowner’s insurance, and existing mortgage bill (if applicable). I will let you know exactly which documents you will need to provide.
• A notary will come to your home to assist you in signing your application. The notary will also collect all of the supporting documents.

• I will submit the paperwork and we’ll process your application. We’ll order a home appraisal, which determines the exact value of your home. We’ll also order title work and existing mortgage payoff amounts. An underwriter will then review the application for approval.

• When the final loan documents are ready for your signature, I will contact you to schedule your loan closing, which can take place at your home.
• Any existing mortgage(s) will be paid off with a portion of the proceeds from your reverse mortgage. After the closing and any applicable rescission period, the loan will fund and you’ll receive your money.