STEP ONE - Free Consultation
Step One is picking up the phone and scheduling a free consultation with a licensed Reverse Mortgage Loan Officer and letting us go over all that’s involved with a reverse mortgage. More importantly, this is an opportunity for is to find out more about your unique situation, and for you to find out what specific programs, guidelines, and amounts that may be available to you. Everyone has a unique set of circumstances and we believe in tailoring your loan to your specific needs. This “fact-finding” time is a two-way street, and together we can find the solutions that best fits your specific circumstances. At this time we will also explain eligibility and how a reverse mortgage could benefit you, as well as your responsibilities as a homeowner with a reverse mortgage. After this initial consultation, a personal and confidential proposal will be emailed to you for your consideration, with precise estimates, costs, fees, and disclosures so you can make the best decision for you and your family about moving forward. These estimates are based on value assumptions, and will be reconciled later in the process. If like so many others in Florida, you decide a Reverse Mortgage is right for you, we move on to Step 2.
STEP TWO - Counseling
This next step is designed to have an independent third party discuss the specifics of a reverse mortgage and make sure you are fully aware of the loan and the loan process. Once you decide to move forward with Florida’s Best Reverse Mortgage Company you will be given a list of HUD approved counselors so you may schedule an appointment with one of them. The counseling agency will send you documents that need to be completed and arrange a phone call where they will explain the details of a Reverse Mortgage to you again. Once completed, they will issue you a counseling certificate that allows you to begin the process of getting a Reverse Mortgage. By law, we cannot incur any costs on your behalf until we have confirmation that you have completed the counseling. Once we receive the original counseling certificate we can begin the application process of your Reverse Mortgage.
STEP THREE - Application
The application itself is a lengthy document of disclosures and figures. Although wet signatures are acceptable, most folks today are opting to e-sign the document package via email. This allows for a more thorough review, and to have ample time to discuss specific questions. We will review the entire application via phone, tele-call, or face-to-face, as well as collect the necessary documents at this time. It is very important to gather complete and accurate information at this time. We must also determine how you wish to receive payment. Options include:
Lump Sum Payment
Monthly Payments - You will be given a choice of monthly payments for a specific period of time or for as long as you live in your home.
Deferred Payments
Line of Credit - Receive unscheduled payments in amounts of your choosing until the line of credit is exhausted
Any combination of the above choices
STEP FOUR - Processing & Appraisal
Once the application is completed, we will order an appraisal to determine the value of your home. Appraisals are ordered through an AMC (Appraisal Management Company), who act completely independently from lenders and brokers. This independence eliminates any potential for impropriety and insures an honest and accurate account of your homes actual value. Once this is completed we will be able to accurately tell you the amount of your reverse mortgage. Title work will be ordered and reviewed will also be reviewed to see if there are any outstanding liens against the property.
STEP FIVE - Submit Loan & Underwriting
We will submit your loan for underwriter approval. The underwriter is the decision maker to approve or decline the loan and while we pride ourselves in submitting complete files, it is common for the underwriter to request additional information before issuing an approval, often more than once. This part of the loan process is just like any mortgage, reverse or forward, and is when the lender is checking all of the boxes off in order to lend money. We will work with you and the underwriter to help things go smoothly, after all, that’s our job!
STEP SIX - Loan Approval
We will contact you to inform you that your loan has been approved and go over what is being offered, make sure you are satisfied with terms, and lock in the rate for your Reverse Mortgage.
STEP SEVEN - Loan Closing
Time to schedule a time that works for you to close your loan! You can schedule a time to visit the Title Company or a notary can come to your home to present the loan documents for your signature. Your Reverse Mortgage will fund within several days of all the documents being signed, and we will be available to assist with post-closing and funding.