WHAT ARE THE STEPS IN GETTING A REVERSE MORTGAGE?

1) Meet with a representative from Approval First Home Loans Inc. The representative will explain the details of a Reverse Mortgage. If you chose to proceed, you would sign the loan application at that time. Signing the documents DOES NOT commit you to completing the loan process. It DOES however lock in the principal amount the bank is willing to loan.

2) Set up an appointment with a HUD approved counseling agency. The counseling agency will explain the details of a Reverse Mortgage again. We will provide a choice of agencies in your area.

3) Send Approval First Home Loans a copy of the counseling certificate. By law, we cannot incur any costs on your behalf until we have confirmation that you have completed the counseling. Once we receive a fax copy or the original counseling certificate we can begin processing your reverse mortgage.

4) Next, you will be contacted by a FHA licensed appraiser to set an appointment. The appraiser will determine the market value of your home.

5) Approval First Home Loans Inc. will pull a copy of your credit report. You will receive a notice from the credit bureaus that your credit report has been pulled by us. This is a form letter that is required to be sent to you by law. It gives your credit score and lists “key factors” explaining why your score is what it is. The “key factors” listed are always the same whether you have perfect credit or not. The “key factors” are always negative. The Government insists. Please ignore these “key factors”.

6) From time to time, you may be contacted by the loan processor assigned to work with you to get your loan package ready for submission to the Lender.

7) Your loan application will be submitted to the Lender. Financial Freedom sends out a package of disclosures that look similar to the papers you have already signed with Approval First Home Loans Inc. The cover letter asks that you sign and return the package. You DON'T have to return the package. It is a legal requirement that they send out disclosures when they receive your loan request.

8) We will notify you that your request has been approved. We will schedule a time that is convenient for you to have a notary come to your home to present the loan documents for your signature. Your Reverse Mortgage will fund on the fourth day after the closing documents have been signed.

CONGRATULATIONS!
YOUR REVERSE MORTGAGE IS COMPLETE!