Simplifying the Loan Process
We have outlined the Reverse Mortgage Process into 5 Easy Steps:
Please see below some steps that will need to be taken in order to be eligible for a Reverse Mortgage.
1. Consultation
Set up a consultation with our
Reverse Mortgage Specialist @ (1-888-636-1112)
Call us today and speak with our Reverse Mortgage Specialist. This intitial step allows our Specialist to answer any questions you may have and see if you qualify for the Reverse Mortgage program. Directors Mortgage is here to serve you and seeks to help guide you through what can be a complex process. Should you decide to proceed with an application, we will prepare the paperwork that will get you started, and put you in touch with a local, HUD-certified Reverse Mortgage counselor.
2. Independent Counseling
Before we can begin to process your application, you must receive independent, third party Reverse Mortgage counseling. This step, required by law, is designed to help and protect you. We will provide you with a list of HUD-certified (Dept. of Housing and Urban Development) counseling agencies in your area. Counseling is accomplished in a single session, usually lasting 30 minutes to 1 hour. You will need a pamphlet, (which we will provide you) and a calculation printout, (which we will send to the counselor in preparation for your session). The counselor will advise you of any other required information prior to the session. Counseling is an informal, information filled session and is not pass/fail or graded. It is simply designed to allow you access to an unbiased source of information to help you make an informed decision. After the session, you will receive a certificate of completion, and Directors Mortgage can then begin to process your application.
3. Application & Appraisal
After counseling is complete, we can begin to process your Reverse Mortgage application. An appraisal of your home’s value is also required at this point. A real estate appraisal helps to establish a property’s market value, which is the likely sale price the home will have in the current real estate market. Your home will be appraised by a HUD-approved, state certified, licensed appraiser. The amount you are allowed to borrow is determined according to several factors, including your home’s appraised value, the age of the youngest borrower and the interest rates at the time of the loan closing.
4. Closing
After your application and file have been processed, the closing of your loan is handled by a local Title company, which has been selected by our team for experience and dependable results. We will be available during your loan close to answer any questions or concerns that may arise. Directors Mortgage wants you to be well informed and comfortable throughout the entire loan process, to the loan close and beyond.
5. “Home Free”
Congratulations! Enjoy the benefits of being “Home Free” and feel comfortable that there are no restrictions to how you can use the money obtained from your Reverse Mortgage.
Important Documents
Here is a list of important documents needed to complete the Reverse Mortgage Application Process: It is very beneficial if you can begin gathering these documents when you meet with your Directors Mortgage Reverse Mortgage Specialist.
(Copies or originals are OK)
- Social Security Card or Personal Medicare Card
- Picture ID (i.e., driver’s license, passport, or state-issued ID)
- Homeowners/hazard insurance agent, name and phone number
- Death certificate for any deceased property owner whose name still appears on the title
- If the title to your home is in a trust, we will need a copy of the trust. (Title stays in the trust)
Call our Reverse Mortgage Specialist today at 1-888-636-1112
