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 @ (1-877-382-4189)
We will be happy to spend as much (or as little) time as you want to make sure you are well informed and as comfortable as possible with the decision to pursue a reverse mortgage. This step allows our specialist to provide answers to your questions immediately, outline how much money you can expect to receive and to design a plan that truly fits your needs. Directors Mortgage offers an in-home consultation no matter what area you may be located within (throughout Oregon or Washington). We are here to serve you. This meeting is a friendly, no pressure meeting and all family members are invited to join the consultation. If you would prefer to speak by phone or email, that can be accomplished as well. Should you decide to proceed and make application, we will prepare the paperwork for you and explain the application page by page before you sign.
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 approved counseling agencies, from which you can receive counseling either by telephone or, in some cases, in person. 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 for you. The counselor will advise you of any other information needed prior to the counseling 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.
3. Appraisal
A real estate appraisal helps to establish a property’s market value. This is the likely sales price the home will have in the open and competitive 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 in part by your home’s appraised value.
4. Closing
Your loan closing is handled by a local title insurance company, which has been selected by our team for experience and competency. We will make sure to be on hand at your loan closing to answer any question or concern that may arise. We want you to be well informed and comfortable throughout the loan process, at the loan closing and beyond.
5. “Home Free”
Congratulations!! Enjoy the benefits of being “Home Free” and 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
