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Reverse Mortgage Features & Qualifications
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You and your spouse must be 62 years or older.
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You must own a single family home, 2-4 unit owner occupied, townhouse, detached, condo.
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You can qualify even if you don't have an existing income.
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Any outstanding mortgage on your home is paid off as part of the program.
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No payments are required while you reside in your home
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Most loan costs can be paid by and included in the reverse mortgage
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No credit history applies as long as there are not current government liens against your home.
Application Process
At The Reverse Mortgage Connection , We Make It Easy! We will assist you with a licensed reverse mortgage councelor. You will be updated regularly throughout the process to let you know your status. We will not keep anything from you, the entire process will be outlined, and you will always be informed of where we are.
Here's the Quick and Easy Process:
1. Contact us Toll Free 800 408-3126.
2. Review and Determination - We discuss the Reverse Mortgage and determine if it is appropriate for you and your situation. If you desire, we also will send out a short and very informative video and additional literature on Reverse Mortgages. We will then set up an appointment so one of our Reverse Mortgage Advisors can visit with you and your family, and please feel free to invite the rest of your family to sit in on our presentation. We think everyone should be fully informed.
3. Application - During the in-house visit, we will explain all the features, costs, payment options and thoroughly answer all questions. Only when you are satisfied will we begin the application process.
4. Counseling - We provide you with contacts to set an appointment so you can talk to an independent, certified HUD counselor, which is a requirement of the FHA HECM and it provides additional peace of mind.
5. Appraisal/Inspection - We set up the appraisal and pest inspection and notify you of the dates and times to expect them.
6. Approval - We submit the loan package to underwriting for approval. We track the entire loan package through the system and inform you of the status. You can also call your Processor anytime to obtain the status.
7. Closing - Once approved, we set a closing date. And, within just a matter of weeks, we attend the Reverse Mortgage closing with you.
8. Funding - After closing, funding is administered after 3 business days.
Our goal is to ensure you are well informed but don't need to worry about the details. Your Advisor and Processor will take care of that from start to finish.
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