REVERSE MORTGAGES
What to
Expect
Step 1:
Completion of the Loan Application Paperwork
Once you
have a comfortable understanding of the reverse mortgage and believe that it is
right for you, then it is time to go ahead with the loan paperwork.
Step 2:
Perform the Independent Counseling (2 to 3 days)
For your
protection, it is required that you complete an independent counseling session
to validate your understanding of the loan terms and benefits. You will receive
a certificate for this counseling, and you must sign, date and send me the
originals in the prepaid envelope. The lender is prohibited from starting the
loan process until the certificate has been received.
Step 3:
Loan Processing (1
to 2 weeks)
After
the counseling certificate is received, the processing is set in motion.
Obtaining the appraisal, title, survey, credit, pest inspection, condo
questionnaires and reviewing all the paperwork to make sure it is executed
properly and meets FHA guidelines, are just some of the duties that need to be
performed. This is also when any documents will need to be redisclosed. Your loan
officer/processor will be Phyllis Knight, who can be reached at 727-643-4339 or
888-774-4410 ext. 249.
For
additional information contact Phyllis Knight at
Trusts,
title discrepancy, judgments on credit, and property repairs may cause some
delay as they require additional review to meet guidelines.
Step 4:
Federal Housing Administration Review (1 to 2 weeks)
Once the
processing has been completed, the loan is submitted for final review and
approval by a Direct Endorsement Underwriter.
Step 5:
Closing!
The
culmination of hard work. Dont forget, you have a federally mandated three-day
waiting period.