The Reverse Mortgage Process
Educate Yourself About the Reverse Mortgage
The First Step for the senior homeowner is to educate yourself, and your loved ones, about the Reverse Mortgage. This can be done by contacting All Financial Services, LLC and speaking to one of our Reverse Mortgage Specialists. We can further provide you with reading literature about the Reverse Mortgage Program and other sources such as the HUD website, www.hud.gov, where you can learn more about the features of the Reverse Mortgage.
Let one of our Reverse Mortgage Specialists prequalify you on how much you can qualify for with the Reverse Mortgage. Remember, you can receive a monthly income, lump sum payment, and other modified ways of receiving the moneys, based on your own financial needs and desires.
Reverse Mortgage Counseling
The Reverse Mortgage counseling is done with one of the government approved counseling agencies. Without bias, the counselor will go over the features and benefits of the Reverse Mortgage program. The counseling generally takes up to an hour.
Once you made the decision to take out the Reverse Mortgage, the next step is to meet up with one of our Loan Officers to go over the Reverse Mortgage application and signing the paperwork. We will also make a copy of your photo ID (generally the Driver’s License), and the copy of your social security card.
An appraiser working for an Appraisal Management Company will call you to schedule the appraisal. The appraiser then will come and appraise your home by inspecting it and taking photographs of the home. This generally takes about 30 minutes.
The processing team at All Financial Services will then process the loan. This generally takes between 5 to 10 days depending on the complexity of the homeowner’s situation. This is where All Financial Services excel at. We process the loan much quicker than majority of our competitors. Once everything is done, we are ready for settlement. Prior to settlement, the loan officer will give you a call and go over the loan figures with you once again. This give the senior homeowner and family members one last opportunity to ask any questions about the Reverse Mortgage.
Settlement takes place at the title company or the senior homeowner’s home. The final loan documents will be signed by the senior homeowner(s) and the settlement officer will verify the identity of the homeowner(s). There is also a 3 day rescission period. Sundays and holidays don’t count. This gives the senior homeowner 3 additional days to review the loan paperwork and make sure they are happy with everything. If they are not and want to rescind the loan, they can, by contacting the lender, or the title company.
Enjoy the Benefits
This is the BEST part of the reverse mortgage. Whether, the Reverse Mortgage eliminated your monthly mortgage payment and put some dollars in your pocket or both, enjoy the financial freedom that approximately one million senior homeowner have found with the FHA insured Reverse Mortgage.