Reverse Mortgage Process
COUNSELING: You will need to have a counseling appointment with a counselor in your area
before I can take your application. This can be free of charge or
it can cost up to $125 depending on the counseling agency. Many times the counselor will come out to your
home so you don’t have to drive. He/she will visit with you for approximately
40 minutes to make sure I have explained
the program properly to you and insure no one is pressuring you to
apply for the reverse mortgage (like a family member or financial
advisor). I have supplied you with a list of counselors for you to choose from. Please make sure
you request the HECM counseling. I will need the ORIGINAL CERTIFICATE at application.
Counselors
Company Name: _____________________________________________
Counselors Name: _____________________________________________________
Phone
Number: _______________________________________________________
Appointment date and Time: _____________________________________________
APPLICATION:
I will come to your home and go over everything with you. If at that time, you wish to start your
Reverse Mortgage, we
can. Many people like to read what I leave them and digest what I told them prior to doing any paperwork at
the initial meeting. I will meet with you again if you like to take your application and we will get started.
APPRAISAL:
I will have an FHA appraiser contact you in the coming days to set up a time to visit your home. This should only take
approximately 15-20 minutes in the home. He is there to establish the value of your home in comparison with the similar
homes in the area. FHA does not allow you to order the appraisal.
Name of Appraisal Company: ___________________________________________
Phone
Number: ______________________________________________________
Date of inspection: ___________________________________________________
After the appraisal is complete, it goes to the underwriter and should take about two weeks for the closing.
When
your loan closing documents are sent to the title company they or I will give you a call to set up a convenient time for your closing.
After the loan closes you may be receiving proceeds from the loan.
Your title company will arrange how to get these funds to you: wired
into your account, a check can be mailed to you or you can pick it up.
Of course during this process should you have any questions please do
not hesitate to call me! You can reach me on my cell at 520-440-4387 or toll free at 1-888-230-5559. If you have
access to email, feel free to contact me at
rloomis747@comcast.net
Thank you for putting your trust in me, I will work very hard to make sure I have earned that trust.
Most Sincerely,
Robin
Loomis
Reverse Mortgage Executive
Notes: _________________________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________
_______________________________________________________
