Posted on: 06th Jun, 2006 08:26 pm
I would like information on obtaining a reverse mortgage for my house and property
How do I get the information I've requested?
Hi,
Here is a detailed procedure as to how you can get a reverse mortgage.
Regards,
Jessica.
Here is a detailed procedure as to how you can get a reverse mortgage.
- You approach a lender for the details of reverse mortgage program. Before choosing the program, you should go for counseling with a HUD approved counselor. Counseling helps you to decide upon the best loan program.
- You submit a loan application providing details on the cash payment option you have chosen, the Social Security number, any details on existing mortgages on the property, copy of the deed of your home, and the counseling certificate. The lender in turn will provide you with a disclosure of the total costs of the loan.
- The lender conducts an appraisal on your property and your home value is determined. Any repair work is to be started off just after the closing of the loan. A title search on your property is also carried out.
- The lender finalizes the loan agreement and submits your application to the underwriting department which reviews your application within 4 to 8 weeks.
- On approval, the closing of the loan is fixed and all legal papers have to be signed by you and the lender. Often closing costs are financed along with the loan amount.
- You are given three business days after signing the papers during which you can cancel the loan if you wish to do so.[/
Regards,
Jessica.
First, interview Lenders and find one you naturally feel good about.
I ask my clients to read "Reverse Mortgages for Dummies" first, so they have a good foundation and understanding. Then I show them all the available programs and we select one that provides the best solution. Then the homeowner completes the loan application package and attends counseling. Once I have the signed loan application and counseling certificate, I'm able to request an FHA case number from HUD. Upon receipt of the case number I'm able to start charging the homeowner fees, and the first fee is for the Appraisal, because I immedately order the Appraisal, then I open Title and Escrow. Approximately 10 working days after I receive the Appraisal back from the Appraiser, the final documents will be ready to sign, and the homeowner receives their money 6-7 days after the documents are signed.
I ask my clients to read "Reverse Mortgages for Dummies" first, so they have a good foundation and understanding. Then I show them all the available programs and we select one that provides the best solution. Then the homeowner completes the loan application package and attends counseling. Once I have the signed loan application and counseling certificate, I'm able to request an FHA case number from HUD. Upon receipt of the case number I'm able to start charging the homeowner fees, and the first fee is for the Appraisal, because I immedately order the Appraisal, then I open Title and Escrow. Approximately 10 working days after I receive the Appraisal back from the Appraiser, the final documents will be ready to sign, and the homeowner receives their money 6-7 days after the documents are signed.
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