As in any financial transaction that involves your home,
obtaining a reverse mortgage involves a number of steps that are
designed to protect you and the lender.
Getting educated about how a reverse mortgage works is
the most important step you can take. Make sure you
understand all of your options and the specific benefits
for your financial situation and have a trusted advisor
that you can ask questions and consult with you about
the best option for your situation.
The amount you qualify to receive is based on
your homes value, government lending limits, your age and current interest rates. Once you
determine you are eligible you can determine the best
way to receive your money.
One of the required steps in the process is that you
meet with a third party, HUD approved counselor. This
counselor will reaffirm the numbers and information you
received from us and make sure that all your questions
are answered. This part of the process is designed to
protect senior homeowners and ensure that they are
making the best decisions.
Complete the application and determine how to receive
payment. Selected payment options are as follows:
Monthly Payments (your choice of loan
advances for a specific period, or for as long as
you live in your home)
Line of Credit (unscheduled payments or
installments, at times and in amounts of borrower's
choosing until the line of credit is exhausted), or
Any combination of the above three choices
We will arrange for a FHA approved appraiser to come and
inspect your home in order to determine the fair market
value and to determine if any repairs are required. If
repairs are required, repair costs can be obtained
through your proceeds of the reverse mortgage.
After the application and appraisal have been obtained,
they are submitted to the lender. Typically,
underwriting will take approximately a few days and
usually nothing else is required for you to do.
The final step where you receive your proceeds from the
reverse mortgage and choose how you would like to
receive the money.
Following closing you have three business days to cancel
the loan. Once this period has passed the loan funds are
disbursed and the loan has been applied to any previous
debts on the property. You begin receiving payments
according to your selected payment option.
There are no monthly principal and interest payments to be made during the life
of your loan. However, you are required to pay
property taxes and insurance, live in the home as your
primary residence and maintain the home in good
condition. The reverse mortgage becomes due and
payable in full once: 1) the home is no longer being
used as a primary residence, 2) it is sold, or 3) the
borrower passes away. Upon the death of the borrower,
the loan may be repaid from the sale of the home or by
refinancing the existing reverse mortgage. All remaining
equity belongs to the heirs/estate.
the process today by contacting a reverse mortgage
specialist, call us toll-free
or complete the form below.
notice: Your privacy is protected on this site. We will
never reveal, sell, or submit your name, address,
telephone numbers, or email address to any other
vendors, real estate agents, mortgage companies, or
For more information or to apply for a
reverse mortgage, call us toll-free
Find out how
much you qualify for! Simply complete the form on
the right and a reverse mortgage specialist will contact
you. There is absolutely no obligation.
Turn equity into extra
No monthly principal
and interest payments
No Change in ownership
- You keep the title
Typically does not
affect Social Security or Medicare benefits
Alabama Consumer Credit License #21842;
California – DBO Residential Mortgage Lending Act License #4131300; Florida Mortgage Lender License #MLD906; Georgia
Mortgage Lender License #36496; Illinois Residential Mortgage Licensee MB.6760542;
State of Illinois Dept. of Financial & Professional Regulation -
Division of Banking 100 West Randolph, 9th Floor. Chicago, IL.
60601; 888-473-4858; Maryland Residential Mortgage
Lender Licensee 21919; Missouri Residential Mortgage Licensee 12-1661-A;
Licensed by the Mississippi Department of Banking and Consumer
Finance Licensed Mortgage Company
Tennessee Mortgage License #117669; Virginia
Mortgage Lender License #MC-6692;
agency of the federal government. Mortgage rates subject to change
without notice. Other restrictions may apply.
Privacy notice: Your privacy is protected on this site. We will
never reveal, sell, or submit your name, address, telephone numbers,
tax numbers, or e-mail address to any other vendors, real estate
agents, mortgage companies, or banks.
materials are not from HUD or FHA and were not approved by HUD or a