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Reverse Purchase Mortgages Step By Step

Purchase

Purchase

Step 1 - The Qualification Process

  1. Buyer Has Decided To Get A Reverse Purchase Mortgage!
  2. Set up 1st Meeting with Loan Originator
    • We Will Review Eligibility
    • Review credit and income documentation for our financial assessment
    • Determine Max Purchase Price
    • Discuss Loan Structures Fixed or Line of Credit
    • Issue A Qualification Letter
  3. Buyer Attends Reverse Mortgage Counseling
    • Obtain Counseling Certificate
  4. Buyer Finds a Home and Sign Contracts

Step 2 - The Application Process

  1. Buyer Sets Up 2nd Meeting with Mortgage Loan Officer
    • Application Package Is Signed
  2. Mortgage Loan Officer Orders Appraisal Inspection.
  3. Title Must Be Ordered Prior to Submission of Loan to Underwriting
  4. Upon Receipt Of Title And Appraisal The Loan Is Submitted To Underwriting
  5. Loan Is Underwritten And Approval Conditions Are Collected And Submitted
  6. Loan Closes - Just Like Any Other Purchase Closing

Refinance

Step 1

  1. Homeowner Has Decided To Get A Reverse Mortgage!
  2. Set up 1st Meeting with Loan Originator
    • We Will Review Eligibility
    • Review credit and income documentation for our financial assessment
    • Determine Max Loan Amount
    • Discuss Loan Structures Fixed or Line of Credit
  3. Homeowners Attend Reverse Mortgage Counseling
    • Obtain Counseling Certificate

Step 2

  1. Homeowners Set Up 2nd Meeting with Mortgage Loan Officer
    • Application Package Is Signed
  2. Mortgage Loan Officer Orders Appraisal Inspection and title
  3. Upon Receipt Of Title And Appraisal The Loan Is Submitted To Underwriting
  4. Loan Is Underwritten And Approval Conditions Are Collected And Submitted
  5. Loan Closes - Just Like Any Other Refinance Closing

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