Step by Step Process

 The process of getting your Reverse Mortgage will be similar to other mortgages you’ve had in the past. Only the advantages of a Reverse Mortgage are even better, because you’ll never make a payment on this loan while you live in the home! Homeowners are required to continue to make monthly or other periodic tax and insurance payments, and may risk default if the payments aren’t made. You will also have to maintain your property in a satisfactory manner.Here at The Senior Equity Group, its our goal to help you understand each and every step of the Reverse Mortgage Process.1. Talk with us!
Contact us now to find out if a Reverse Mortgage is right for you and if you qualify.2. Counseling is required
Because Reverse Mortgages are a big step for any homeowner, HUD (Department of Housing and Urban Development) requires that all applicants receive third-party counseling to explain all the available options and details.

3. We’ll help you fill out the application
The Senior Equity Group will work with you to help you choose the best type of Reverse Mortgage for your needs and determine how you’d like to receive the money from your new Reverse Mortgage – a line of credit, lump sum, monthly payments or a combination of those.

4. Processing
This includes an appraisal, title search, lien payoffs and many other activities.

5. Underwriting
Once we collect all the documentation needed, we will finalize all the details of the loan and get final approval from the lender.

For More Information & Program Details
Including How Much Money You Qualify For
And To Download Our Free Guides
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Phone Number

Email Address

Borrower Age Spouse Age

Property Address

City StateZip

Home Value

Loan Balance

Situation / Questions

6. Closing
Once your loan is ready to close we will schedule the final signing. This will take place in the comfort of your own home with a notary. We will coordinate the entire process.

7. Disbursement
After your final signing, the right of rescission period takes three business days. All mortgages and liens are paid. Your funds can be wired to your account giving you immediate access.

8. Repayment
For the life of a Reverse Mortgage loan, you do not ever make monthly mortgage payments to your lender. Reverse Mortgages become due when the borrower(s) no longer occupies the home. If death of the borrower occurs, the heirs/estate may repay the loan from the sale of the home or refinance the loan if they would like to keep it.
Repayment may be triggered if the following occurs: failure to pay the property taxes or homeowners insurance, failure to maintain the property or failure to live in the property as your primary residence.

Counseling Information
During the application process, you will have to speak with an independent HUD-approved mortgage counselor.  This is a process required by HUD to ensure the homeowner understands eligibility requirements, financial implications and alternatives to obtaining a HECM and repaying the loan.

For many people, getting a mortgage is one of the largest investments they’ll ever make. The same goes for a Reverse Mortgage. To qualify for a Reverse Mortgage, all borrower(s) must go through counseling.

The counselor must be a third party who is approved by the U.S. Department of Housing and Urban Development (HUD). We will provide you with a list of available approved counselors in your area that you can contact by phone. Counseling generally takes an hour and can be provided in person or via telephone. They will talk to you about your Reverse Mortgage options and if a Reverse Mortgage is right for you.

Either the homeowner themselves or the homeowner’s legal representative can request Reverse Mortgage counseling. Authorized legal representatives include a guardian, conservator, or person holding a durable power of attorney who has been authorized to act in legal matters by the owner.

Counseling by a HUD-approved counseling agency is mandatory, regardless of what kind of loan you choose. Their purpose is a safeguard to educate and inform you about everything you need to know about this transaction. Having an outside party explain your options and go over the details will only help you educate yourself and plan for your future.

Would you like more information?

Our expert staff is here to provide you advice and direct answers.
Give us a call Toll Free or email Toll Free 1(888) 220-4537