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THE HECM REVERSE MORTGAGE APPLICATION PROCESS:

There are 5 simple steps in the reverse mortgage process which are:

1.Discuss your financial situation with a licensed Loan Originators
2.Speak with a government insured counselor
3.Get a up to date Appraisal on your home
4.Allow time for the bank to review your documents
5.Enter Reverse Mortgage Closing Procedures

There are several important milestones within each of these steps.

1.Discuss your financial situation with a licensed Loan Originators
• Discuss your financial options
• Become educated about the HECM Reverse Mortgage and get answer all of your questions
• Discuss the steps it will take to obtain a HECM Reverse Mortgage with the Loan Originator
• Learn about all costs associated with the HECM Reverse Mortgage
• Receive a loan application
• Endorse the application with a copy of your drivers license/state ID, social security card, mortgage statement, and home owners insurance, then mail it back to your Loan Originator
• Schedule a counseling session with a government insured Counselor

2. Speak with a government insured counselor
• The government insured counselor will explain the HECM Reverse Mortgage in detail and help you to explore other financial options.
• The government counselor will verify that you understand the program and will answer any questions you or any of your loved ones may have.
• Once counseling is completed you will receive your Counseling certificate.

3.Get a up to date Appraisal on your home
• A licensed FHA appraiser will review your property as well as the historical sales of comparable properties to determine your current home value.

4.Allow time for the bank to review your documents
• The bank will review all documents provided to them by you.
• The bank will verify that steps 1 - 3 have been completed
• The bank will approve you to received a HECM Reverse Mortgage on your property.

5. Enter Reverse Mortgage Closing Procedures
• Schudule a convenient closing date with the bank

• Sign the closing documents at a pre determined location which could be in the comfort of your home