STEP 1: DETERMINE YOUR ELIGIBILTY LEVELS:
After spending a few minutes with one of our mortgage experts we will determine the amount of cash out that you qualify for and your funding options. You have a variety of options and programs to choose from, our team of professionals will be glad to assist you in any way possible.
STEP 2: BEGIN THE LOAN PROCESS:
Your Reverse Mortgage is a federally insured loan program and one of the safest programs available today, however, like any traditional mortgage, your Reverse Mortgage will require extensive paperwork and documentation. But please remember, once the process is completed, you will improve your monthly cash flow and NEVER make another mortgage payment for as long as you or your spouse remain in your home! Congrats on your decision, let’s get started.
STEP 3: FINANCIAL ASSESSMENT AND YOUR REQUIRED DOCUMENTATION:
- HUD requires a new Financial Assessment effective for all Reverse Mortgage loans originated on or after March 2, 2015. This new rule requires lenders to validate that Reverse Mortgage borrowers possess the willingness and capacity to meet their financial obligations (property taxes, homeowner’s insurance, and homeowner’s association fees) and pay them in a timely manner. Special attention is paid to late mortgage payments, property tax payments, homeowners insurance payments, HOA fee payments, bankruptcy, defaults, and foreclosures.
- To perform the Financial Assessment, we will require some income, asset and credit documentation that we will review and request from you after determining your eligibility and interest in moving forward.