The Reverse Mortgage Specialists in the St. Louis Area

 


The Reverse Mortgage Process

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.

1. Research

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.
2. Qualifying 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.
3. Counseling 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.
4. Application Complete the application and determine how to receive payment. Selected payment options are as follows:
  • Lump Sum
  • 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
5. Appraisal 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.
6. Underwriting 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.
7. Closing The final step where you receive your proceeds from the reverse mortgage and choose how you would like to receive the money.
8. Disbursement 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.
9. Repayment 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.

Begin the process today by contacting a reverse mortgage specialist, call us toll-free 1-800-965-0125 or complete the form below.

 
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For more information or to apply for a reverse mortgage, call us toll-free 1-800-965-0125
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 income
  • No monthly principal and interest payments
  • No Change in ownership - You keep the title
  • FHA-Insured
  • Typically does not affect Social Security or Medicare benefits


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