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The Process
The Process of Getting a HECM / Reverse Mortgage Loan
AWARENESS
You may have heard about the reverse mortgage loan on TV, on the radio, online, by receiving a mailer, or you did your own research.
EDUCATION
Meeting with a qualified Mortgage Loan Originator is key. This is where you learn about your specific numbers, what you might qualify for, and receive an analysis of your particular situation.
COUNSELING
Counseling is required from an independent third-party, HUD-approved counseling agency, for all reverse mortgage borrowers. Typically this fee is paid by the borrower. Consult with your Reverse Mortgage Loan Originator and make sure you complete this as soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.
FINANCIAL ASSESSMENT
To help ensure the long-term success of the HECM loan over time, HUD requires a financial review of each applicant’s credit history, property tax payments and other credit factors that will be evaluated to measure a borrower’s willingness and financial capacity to meet the ongoing obligations of the loan.
APPLICATION
Meet with your Mortgage Loan Originator and decide if a reverse mortgage is right for you. Our reverse mortgage professionals may meet with you at our office, your home, or by phone to help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted financial advisors (i.e. CPA or attorney) or family member(s) to review.
PROCESSING
The lender will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. Also, verification of income and other credit factors are gathered at this time. We will be in contact regularly during this time.
THE APPRAISAL
Upon receiving your HUD counseling certificate we will contact you to arrange for an appraisal of your property. The appraisal is paid by the borrower. Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.
UNDERWRITING
When the processing and all paperwork is complete, we forward your file to the loan underwriter to determine if the loan will be approved and will work to satisfy any conditions/requirements needed to close the loan.
CLOSING & FUNDS DISBURSED
If your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or partial lump sum (how you want to receive your money). Once you’ve signed the closing documents you have three business days to cancel the loan if you should choose to do so. After the cancellation (rescission) period has passed, your funds are distributed based on the payment option you chose at closing. HECM for Purchase loans do not have a rescission period. See HECM for Purchase Guidelines for more information.
Contact us today for your FREE reverse mortgage loan consutation
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
Retirement Mortgage Specialists
Kenny Hawthorne
NMLS #1647665
Ken Kennedy
NMLS #1627908
Branch Location:
605 S Orchid
White Oak, TX 75693
Phone: 903-235-7114
Powered by OC Home Loans, Inc
NMLS: 1842513
This licensee is performing acts for which a mortgage company license is required. OC Home Loans, Inc., is licensed by the Texas Department of Savings and Mortgage Lending, NMLS: 1842513. Loan approval is not guaranteed and is subject to lender review of information. All loan approvals are conditional and all conditions must be met by borrower. Loan is only approved when lender has issued approval in writing and is subject to the Lender conditions. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. K2--Financial, LLC is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of Texas.
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)
Tyler, Longview, East Texas, Texas
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