Home
Todays Rates Fixed Rate 4.50%
Our Lender Experts
Our Guarantee
Learning Steps Qualifying - Step 1
Types - Step 2
Calculators - Step 3
Information - Step 4
Lenders - Step 5
Quotes - Step 6
Negotiation - Step 7
Counseling - Step 8
Problems - Step 9
Start a Loan - Step 10
Loan Programs HECM Saver Program
Current Programs
Line of Credit
Purchase a Home
Reverse Refinance
Jumbo Mortgages
Questions? Questions - FAQs
Pros and Cons
Definition
Seniors Page
Help Your Parents
Insider Tips Loan Rate Changes
Low Cost Loans
Pitfalls
FREE Stuff
Join INSIDER Club
Free Services Find Lenders for Me
Get Second Quote
Quick Calculator
Condo Approval
Options Under 62 Options
Alternatives
Senior Income
Invest Money
Resources Guides & Books
Videos 4 U
Our Blog
Articles
News
Links
Glossary
About Us Our Mission
Testimonials
Privacy Policy
Advertise with Us

This page will help you start your Reverse Mortgage Loan - Step 10

This page will help you start your Reverse Mortgage Loan. We know you are ready to Run but please review these last few points before you start.

Reverse Mortgage Loan



What you can expect after you choose a lender and you start the Reverse Mortgage process.

- - - - - - REVERSE MORTGAGE LOAN PROCESS STEPS - - - - - -

1) The Application Process Step (1 Week)
A relatively small amount of information from you is required by your lender to produce a reverse mortgage or HECM loan application and package. You typically will receive a start package by mail from your lender.

Compared to a traditional forward mortgage loan the amount of information needed from you is greatly reduced!

Information Needed From You:

  • Signed Counseling Certificate (see "Counseling Session" below)
  • Proof of Age (Drivers License or I.D. card)
  • Proof of Social Security Number (Copy of SS cards or Medicare Cards)
  • Copy of Homeowners Insurance Declarations Page
  • Monthly Statement or Coupon for any Mortgages on your Property
  • Other Items may be needed (such as a copy of a family Trust document, etc.)

    • 2) Counseling Session Step (1 Week)
    HUD requires that every borrower who receives a reverse mortgage obtain counseling from a HUD-approved third party counseling agency. Counseling can be done up to 6 months prior to the application but must be completed and a certificate sent to the lender before the reverse mortgage loan can proceed.

    3) House Appraisal Step (1 Week)
    Your lender will arrange for an FHA approved appraiser to contact you and schedule an appointment to visit to perform an appraisal on your house.

    4) Loan Underwriting Step (2 - 4 Weeks)
    Your loan must be underwritten by an FHA underwriter. A few conditions may be found that need to be cleared during this process. Conditions such as these are generally cleared quickly.

    5) Loan Closing Step (1 Week)
    Loan documents will be prepared by your lender and they will arrange for a Notary Public experienced in Reverse Mortgages to make an appointment to come to your home for signing.
    Those documents are then returned to the funder for loan funding. Final Money and payments are typically wired into your bank account.

    - - - - - - - - - SAVE TIME ON YOUR LOAN - - - - - - - - - -
    Want to save time? Try these suggestions:

  • make sure you qualify
  • get counseled before you choose a lender
  • have all items ready before you get your loan application package


    • - - - - - - - - SAVE MONEY ON YOUR LOAN - - - - - - - - -
    Want to save money on a reverse mortgage loan? Follow this link to review our low cost loan strategies Low Cost Loan Strategies (Click Here)


    - - - - - - - - REVERSE MORTGAGE LOAN TIPS - - - - - - - - -
    Tip 1 - If you not sure of something before you start working with a Lender, Contact Us...We are here to Help!

    Tip 2 - If you have any issue while a Lender is processing your Loan, Contact Us...We are here to help!

    Tip 3 - Good Luck with your Reverse Mortgage. We hope this website helped you save time and money and made the whole experience easier.

    Top Lenders for a Reverse Mortgage Loan (Click Here)

    To go to the Home Page please click the link below.

    << Go to The Home Page (Click Here)

    Please contact us with your questions using the "Contact Us" form that follows. We never share your information with anyone! Call us at Toll Free (800) 801-1375

    Contact Us
    Please note that all fields followed by an asterisk must be filled in.
    First Name
    Last Name*
    E-mail Address*
    Zip/Postal Code*
    Comments/Questions Here

    Copyright © 2011 Reverse-Mortgage-Explained.com All Rights Reserved

    SBI
    SBI!

    reverse mortgage quote

    To get a highly competitive quote from a pre-screened top Reverse Mortgage Lender today please click the following link

    Top Lender Quote! (Click Here)

    Call us Toll Free today 7AM - 7PM, for a referral to a Top Lender or with any Questions you may have.

    777 We can Help You! 7 Days a week, 7AM to 7 PM, Nationwide!

    Call us Toll Free for Help at
    (800) 801-1375

    Phone Quote

    Reverse Mortgage Questions?...Call Us Today Toll Free

    7 Days a week, 7 AM to 7 PM

    1-800-801-1375

    www.reverse-mortgage-explained.com





    WE LOVE HELPING SENIORS!!!!

    We Love Helping Seniors


    Call us Toll Free at

    (800) 801-1375 to get a Quote in Less than 15 Minutes!

    - No Pressure - No Hassles - Just a Great Quote from a Top Lender!

    This free script provided by
    JavaScript Kit