Process - HOW do I proceed?

The process to obtained a Reverse Mortgage:

The following is the typical procedure for obtaining a reverse mortgage. As always, we are available to answer any questions you have along the way. Just call us at 800-827-2599.

1) Initial Inquiry

Our goal is to help you decide if a reverse mortgage is the right choice for you. If you choose, you may invite other family members or friends to attend the meeting and ask any questions they may have. It is important for everyone in the transaction to make an informed decision. We will complete a comphrensive analysis that will determine if you qualify for a reverse mortgage and the amount of your benefits.

2) Application

Either prior to or after counseling has been finished, we will meet to complete the application process. We will come to your home or you may come to our office. We will thoroughly explain all forms and answer any questions you may have. Once again, you may bring a family member or anyone else who is helping you with this transaction.

3) Counseling Session

This is really an "education session" to be sure that you completely understand the reverse mortgage and your options before you obtain the loan. The counseling can be done over the phone or in person, it's your choice. A counseling certificate will be given to you, or mailed to your home. You'll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter. Without the counseling certificate we cannot move forward to complete the application. The Counseling Session is done by a 3rd party, a FHA approved agency. You have a choice between paying the counseling service upfront or at the closing. Fees can range from $80.00 to $150.00.

4) FHA Certified Appraisal

We will order an appraisal on your home from one of FHA approved appraisers. The appraiser will contact you directly to make the appointment. Please be prepared to pay the appraiser at the time he/she comes to your home. The fee will be verified prior to the appointment. The appraiser will prepare the report and send it to our processor.

ATTENTION!!! DO NOT ORDER AN APPRAISAL PRIOR TO THE PROCESS, AN APPRAISAL THAT IS NOT FHA APPROVED WILL NOT BE ACCEPTED IN THE APPLICATION. THIS MOST BE DONE BY AN FHA REVERSE MORTGAGE SPECIALIST.

5) Title Work

At the same time the appraisal is being done, the title work is being completed by the title company. This is in preparation for the closing. The title company may call you with questions during the course of their work. Please provide any information they require as this will make for a smooth transaction. Of course, if you have questions, we are just a phone call away.

6) Underwriting

Once the appraisal, title work and any other necessary information is received, the processor will submit the loan to underwriting. The underwriter's job is to make sure that the loan file conforms to all applicable guidelines. Once reviewed and approved, it's time for......

7) Closing & Funding

The title representative will come to your home and conduct the closing, or you may choose to come to the title company's office. This is when the legal documents for the reverse mortgage are signed. The title representative will explain all forms and answer any questions you have. After the closing, there is a three day right of recession mandated by the Federal Government. What this means to you is that on the fourth business day after closing the funds you requested will be available to you.
The entire process typically takes 3-5 weeks from the time you begin, until closing. Of course you are under no obligation to proceed quickly, and you may take as much time as you need during any step in the process.

8) After closing

We are here to answer your questions for as long as you have your reverse mortgage. Since Senior Finance Network is the broker, who ever is your lender should send you a "Welcome Package" with all information about them and your loan. You'll receive periodic statements about your account showing the current balance, the interest rate in effect, and the amount of funds still available from the lender. The lender will provide a customer service number that you may call at any time. Ofcourse we are always here to help you too.

Senior Finance Network - 10121 W Sample Rd. - Coral Springs, FL 33065
Toll Free: (800) 827-2599 Office: (954) 755-4663
Fax: (954) 755-8550 Email: Info@SeniorFinanceNetwork.com

:: What is a Reverse Mortgage? :: Why Get a Reverse Mortgage? :: How Much Money Can I Get? :: How Do I Receive My Money? :: Process - HOW do I proceed? :: When is the loan paid off? :: Costs/Fees of a RM :: The Truths About Reverse Mortages :: What is a Non Recourse Loan? :: Industry Consumer Safeguards :: For the Families and Advisors of Seniors :: Frequently Asked Questions :: Request Information :: Glossary of Terms :: Hipotecas Revertidas :: 10 Datos Importantes :: About Us :: Contact Us :: Purchase a Home :: Schedule of Events :: Employment Info :: Free Informative Guides :: Press Releases ::

FAMB - Florida Association of Mortgage Brokers