WHAT IS A REVERSE MORTGAGE?
This is a type of loan that converts some of your home equity into cash. Unlike a traditional mortgage, you don’t need to make monthly payments to pay
back a reverse mortgage. * Because you don’t have to own your home free and clear to qualify, a portion of the reverse mortgage proceeds will be
to used to repay any existing mortgage(s) on your home at closing. Interest and fees are added to the reverse loan
balance over time. The balance is due once you no longer occupy the home as your primary residence.
HOW DO I DECIDE IF A REVERSE MORTGAGE IS RIGHT FOR ME?
Speaking with a licensed loan officer is great first step! Our team is approved to originate
reverse mortgages, so you can count on us to help you make a well-informed decision. You’ll
learn about options that fit your financing needs and get clear, complete answers to all your questions.
To help you get reverse mortgage ready, keep reading for a quick overview on the process.
INDEPENDENT COUNSELING:
The U.S. Department of Housing and Urban Development (HUD) requires reverse
mortgage borrowers to meet with an approved independent counselor. Plan on spending
about 60 to 90 minutes with your independent counselor over the phone or, if required by
your state, in person. You can search for an approved counselor online on HUD’s website
(https://entp.hud.gov/idapp/html/hecm_agency_look.cfm) or by calling (800) 569-4287.
APPLICATION:
Our team will help you complete your loan application. We’ll give you a detailed list of
supporting documentation you’ll need to provide. As with any mortgage loan, you may
be asked to submit more info or paperworkafter the application stage.
CONTACT US TODAY FOR MORE INFORMATION. WE ARE READY TO HELP!
801-820-7620