Reverse Mortgage steps to make a stress free transaction handled by local team!
You hear about Reverse Mortgages from a friend, article, advertisement or online. You then contact Reverse Mortgage Professional at Reverse Mortgage Alabama to learn the details of a Reverse Mortgage. Such as how much you qualify for, what is the process, time frame, and how it can benefit you. Most importantly we keep most or all of the work in Alabama! This helps us be able to close in under a month!
Only four easy Reverse Mortgage steps to from start to finish and one team member is your only contact:
Step One: HUD Counseling – HUD requires each borrower applying for a reverse mortgage loan to receive counseling from a third party counselor before or after the application for the reverse mortgage transaction. This counseling can be via telephone or in person. Call the agency of your choice to schedule an appointment. There is a fee for the counseling service— typically around $125. *Ask and they usually will allow for it to be paid at closing. The required HUD booklet required is on the home page at the top in blue “Age in place – Use your home to stay at home”.
Documents Needed for Application
• Driver’s License and Social Security Card or Medicare Card
• Proof of Homeowner’s Insurance or agents name and phone number
• Monthly bank statement- 2 months to show Social Sec. deposits
• Counseling certificate –signed (if already completed)
Only If applies to you – Mortgage Statement / Divorce Decree / Death Certificate
Step Three: Processing your Application – Once your application is completed, we begin to process of approving your reverse mortgage. We handle ordering the appraisal, and we will order a title report so that we can pay off any liens and clear any issues with the property or deed on the property.
Step Four: Closing - Once the processing and underwriting has been completed we will you to sign the closing documents and confirm how you would like to receive your money. At the end of the 3rd day following your closing, your loan will be funded and your money is disbursed depending on which of the following payment options you have chosen: lump sum, line of credit, monthly income, or any combination of the three.
Work with local Alabamians and get personal service and close in 30 days! Local Birmingham and Huntsville offices.
