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The Reverse Mortgage Process:
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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 “Reverse Mortgage Calculator” to learn how much money may be
available to you.
Step 3:
Call Laurie Larsen so that she
can answer questions you have which will help you to make a decision
quickly.
Step 4:
Have Laurie complete the
Reverse Mortgage application and disclosures for you and mail to you
for review and signatures. Return the application and documents in
pre-addressed postage paid envelope to Laurie. You will have a copy
of the Reverse Mortgage 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 Larsen and
spread the good word on the terrific job she did for you!
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