Reverse Mortgage Loans

A Reverse Mortgage can help you receive a lump sum payment along with monthly income to help you live a better lifestyle and help with monthly commitments. Please contact us and setup a free consultation so that we can show you what benefits you can receive with a reverse mortgage.

What is a reverse mortgage loan?

A reverse mortgage is a loan type that is available to homeowners who are 62 years or older. A reverse mortgage allows you to convert the equity in your home into one of the following or a combination of the three:
A lump sum payment
Monthly income
Line of credit
The product helps people that want to tap into the equity in their homes and use the money as they want to use it. This loan is called a reverse mortgage because it is the opposite of a traditional mortgage. Instead of making monthly payments to a lender, the lender makes payments to you as the borrower. You are not required to pay back the loan until the home is sold. As long as you live in the home, you are not required to make any monthly payments towards the loan balance, but you must remain current on your property taxes, homeowners association dues and insurance.


STEPS TO GETTING A REVERSE MORTGAGE

Reverse Mortgage Free Consultation

STEP ONE - Free Consultation

Step One is scheduling a free consultation and letting a representative go over all that’s involved with a reverse mortgage. At this time we will explain eligibility and how a reverse mortgage could benefit you.



Reverse Mortgage Counseling

STEP TWO - Counseling

You will be given a list of HUD approved counselors. Next, you will schedule an appointment with one of them. The counseling agency will send you documents that need to be completed. Once completed they will review the documents. Then they will explain the details of a Reverse Mortgage again. They will issue you a counseling certificate that allows you to begin the process of getting a Reverse Mortgage. By law, we cannot incur any costs on your behalf until we have confirmation that you have completed the counseling. Once we receive the original counseling certificate we can begin processing your Reverse Mortgage.



Reverse Mortgage Application

STEP THREE - Application

Complete the application and determine how to receive payment. Options are as follows:

- Lump Sum Payment
- Monthly Payments - You will be given a choice of monthly payments for a specific period of time or for as long as you live in your home.
- Line of Credit - Receive unscheduled payments in amounts of your choosing until the line of credit is exhausted
- Any combination of the above three choices



Reverse Mortgage Processing & Appraisal

STEP FOUR - Processing & Appraisal

Once the application is completed, we will order an appraisal to determine the value of your home. Once this is completed we will be able to accurately tell you the amount of your reverse mortgage. The title will also be reviewed to see if there are any outstanding liens against the property.



Reverse Mortgage Submit Loan & Underwriting

STEP FIVE - Submit Loan & Underwriting

We will submit your loan for underwriter approval. The underwriter is the decision maker to approve or decline the loan. It is common for the underwriter to request additional information before issuing an approval. We will work with you and the underwriter to help things go smoothly.



Reverse Mortgage Loan Approval

STEP SIX - Loan Approval

We will contact you to inform you that your loan has been approved and go over what is being offered and the payment schedule that you have requested in relation to amounts and time frame.



Reverse Mortgage Loan Closing

STEP SEVEN - Loan Closing

We will call you to schedule a time that works for you to close your loan. You can schedule a time to visit the Title Company or a notary can come to your home to present the loan documents for your signature. Your Reverse Mortgage will fund within several days of all the documents being signed.