Loan Process Reverse mortgages have helped thousands of seniors across the country remain in their homes with a more solid financial foundation. There are many steps involved to obtain a reverse mortgage and here you will find the process outlined for you.
- Research – Contact Mortgage Financial for more information about reverse mortgages and specific loan programs. We also recommend that you research other organizations to get as much information as possible as well consulting with your financial advisor. Organizations that we recommend are:
National Reverse Mortgage Lenders Association which Mortgage Financial is a member. www.nrmla.org. This site provides an excellent overview of reverse mortgages and can answer many questions.
AARP – www.aarp.org. This organization needs no introduction to the seniors of America.
National Center for Home Equity Conversion (NEHC) – www.reverse.org. This site provides a comprehensive look at reverse mortgages.
US Department of Housing and Urban Development (HUD) - http://www.hud.gov/buying/rvrsmort.cfm. HUD is a good resource for educational materials.
- Counseling – You must receive counseling from a HUD-approved agency either face-to-face or over the telephone. This exercise provides additional information about the choices of programs, your eligibility as well as other options besides reverse mortgages for you to consider.
- Your Application – Once you are ready to apply for a reverse mortgage, your loan officer will outline the steps involved as well as give you a review of all of the costs involved.
- Mortgage Financial Service – Once we have your application, we handle everything else from ordering an appraisal to title work. Our service separates us from other lenders and your loan officer will keep you updated during each step involved. Once a loan program is selected, you can determine the loan structure – a lump sum, monthly payments, credit line, or a combination. Your loan officer will then submit your application to our underwriting department for approval.
- Closing – Your loan officer will work with you to schedule a convenient time for your closing. Mortgage Financial will prepare all of the necessary paperwork. You can finance the closing costs as part of your reverse mortgage.
- Payment – After signing the loan papers, you still have up to three days to cancel the loan. You will receive your payment (lump sum, monthly payment, or access to credit line – whichever option is chosen) after this three day grace period. You still own the title to your home and can rest assured knowing that you received the best service in the industry.
- Enjoy Your Retirement!
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