Reverse Roadmap Tri-Fold · The Loan Process: A Reverse Mortgage Roadmap Family First Funding LLC...
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The Loan Process: A Reverse Mortgage Roadmap Family First Funding LLC is not affiliated with or acting on behalf or at the direction of HUD/FHA or any other government agency. This is not a commitment to lend. All loans subject to an application, credit review, appraisal and underwriting approval. All rates and terms quoted herein are for informational purposes only, and are subject to change without notice. Family First Funding LLC: NMLS 810371. Visit www.nmlsconsumeraccess.org or www.fam1fund.com/licensing for complete state licensing information. A Home Equity Conversion Mortgage for Purchase—commonly known as a Reverse Mortgage—is a powerful financial tool that allows you to turn some of the equity in your home into funds you can use as you choose. The process to obtain a reverse mortgage is simple; but it’s helpful to know what to expect. We will guide you throughout the entire process, and will answer any questions you may have along the way. To learn more, or if you have any questions, please contact me:
Transcript of Reverse Roadmap Tri-Fold · The Loan Process: A Reverse Mortgage Roadmap Family First Funding LLC...
The Loan Process:A Reverse Mortgage
Roadmap
Family First Funding LLC is not a�liated with or acting on behalf or at the direction of HUD/FHA or any other government agency.
This is not a commitment to lend. All loans subject to an application, credit review, appraisal and underwriting approval. All rates and terms quoted herein are for informational purposes only, and are subject to change without notice.
Family First Funding LLC: NMLS 810371. Visit www.nmlsconsumeraccess.org or www.fam1fund.com/licensing for complete state licensing information.
A Home Equity Conversion Mortgage for Purchase—commonly known as a Reverse Mortgage—is a powerful �nancial tool that allows you to turn some of the equity in your home into funds you can use as you choose. The process to obtain a reverse mortgage is simple; but it’s helpful to know what to expect. We will guide you throughout the entire process, and will answer any questions you may have along the way.
To learn more, or if you have any questions, please contact me:
Your Reverse Mortgage RoadmapYou can use this as a checklist as you complete each step.
STEP ONE:Preparation
Education. Your loan specialist will have all the information you’ll need to help you decide if a reverse mortgage is the right solution for you.
Counseling. You’ll meet with a third-party reverse mortgage counselor who’s approved by the U.S. Department of Housing and Urban Development (HUD), to make sure you understand all aspects of the loan.
STEP TWO:On the Road
Application. After counseling, if you’ve decided to move forward you’ll choose a lender and submit your application to them. The application includes some personal information, and a �nancial assessment will be conducted to make sure you’ll be able to a�ord ongoing expenses like property taxes and insurance and home maintenance.
Loan Processing & Underwriting. Your home will be appraised, by an independent appraiser, to determine the value. Then the appraisal and loan package will be sent to an underwriter for review and approval. The underwriter will make sure all the information in the package is correct and compliant with all laws and regulations.
STEP THREE:Almost There!
Signing Closing Documents. After your loan application is approved, you will sign your closing documents with a title o�cer or attorney (depending on your state’s requirements).
STEP FOUR:Arrival!
Funding and Disbursement. Three days after closing, the loan funds are disbursed and you can access them according to the payment plan you selected. Your loan funds will �rst be used to pay o� any existing mortgage on your home, a new lien (the reverse mortgage) is placed on the home, and you can use the remaining funds from your reverse mortgage however you choose.
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