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What's Next?
The Process for getting a Reverse Mortgage consists of the following steps:
INFORMATION GATHERING: Call us for an educational brochure answering the most common questions senior homeowners have about the Reverse Mortgage program. Contact us by calling, faxing or submit your request on-line at our website for a Custom Analysis to determine how much home equity is available to you.
COUNSELING: HUD requires you to discuss the program in a free, informal session with a HUD/FHA certified Reverse Mortgage counselor. Call us to find a counselor in your area.
APPLICATION: Our Loan Advisors will meet with you in the comfort of your home to obtain the necessary documents and signatures for the application. In order to be efficient and effective, it is important to provide the following documents at the time the application is taken:
- A clear copy of a valid Driver’s License or Picture ID for you and any co-borrower(s).
- A clear copy of your Social Security Card or something with your SS # such as Medicare card or any official document that lists your Social Security number.
- Original Counseling Certificate. If you have not attended a Counseling session, please call Academy Mortgage for the name of a counselor near you. The application cannot be submitted without the original counseling certificate.
- A copy of your Homeowners Insurance Policy (Declaration Page).
- A copy of your recent Mortgage Statement(s).
- If there is a deceased spouse on the title, please provide a copy of the Death Certificate.
- Signed original Ownership Interest Certification (if applicable)
- If it is a condo, get the name and phone number of the management company so that we can put the mortgage clause on the Master Policy.
- For a Planned Urban Development (PUD) get a copy of the owner’s policy.
- In Florida, if a survey of the property has been done, get a copy.
PROCESSING: Your Loan Advisor will work with a Processing Specialist and title company to obtain the necessary appraisal, title, credit report and mortgage payoff data if one exists on your property. Your Processing Specialist may contact you during processing and underwriting to obtain additional information or clarification. The Underwriting Department will provide us with initial
approval and conditions. After the underwriting conditions have been cleared, the file will be cleared to close. There is a three-day Right of Rescission that begins the day after your loan closes. This gives you the opportunity to further review your documents. Saturdays are included in the Right of Rescission period.
CLOSING: Upon underwriting approval and receipt of the closing numbers from the title company, you will be contacted to schedule the closing time and to determine how you wish to receive the proceeds of your loan. Payments may be made to you as a Lump Sum Payment, Line of Credit, Tenure or Term Plan or any combination of these options. In most states the closing can be done in the comfort of your home.
FUNDING DATE: Four (4) business days after the signing of your Closing Documents (Saturdays included) your loan will be funded. Depending on the title company, funds can either be wired to your account or a check will be sent to you overnight.
LOAN SERVICING: Approximately 30 days after your Closing Date the Servicing Department will provide you with a Welcome Package. Information included in this package will discuss methods to obtain funds from a line of credit and any repair administration.
REPAYMENT: No payment is due as long as you or the co-borrower lives in the home.
