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Use
Your Home to Stay at Home..... |
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Step 1 } Education
~ Learn about
your needs and financial situation. |
Step
2 } Qualification
& Application If you are 62 years or older and maintain a home or condo as your primary residence you can qualify. There is no income or credit qualification. Any existing mortgage or home equity loan balances on your home will be paid off with a portion of the proceeds from the Reverse Mortgage. Your Reverse Mortgage loan officer will help you complete the application and collect the required documentation. Documentation includes photo identification, verification of social security number, copy of deed to home and your existing mortgage bill. |
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Step 3 }
Counseling |
Step 4 } Processing
& Approval After you speak with a HUD counselor and receive your certificate of counseling, your Reverse Mortgage loan officer will submit your paperwork and begin to process our application. Your Reverse Mortgage loan officer will order your home appraisal and title work. Then the complete package will then be underwritten for approval. |
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Step
5 }
Your Closing Your closing agent will contact you when they have the final loan documents for you to sign. You retain title to your property and must continue to maintain your property and pay your property taxes and home insurance. You never have to make monthly payments. The reverse mortgage is repaid when the home is no longer your primary residence. You can repay your loan at anytime without selling your home and without penalty. You will never owe more than what the home is worth.
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You've
worked hard to improve your home. |
| How do I know if I qualify? | |