- Eliminate your monthly mortgage payments
- You can stay in your home and maintain the title
- Access to tax free income payments for any purpose you desire
- Plan ahead for emergencies
- Enhance quality of life
- A credit line that can grow over time
- Stay in Los Angeles
- One borrower must be at least 62 years of age
- Occupy the property as your primary residence
- Participate in a HUD approved counseling session
- Single Family Home
- 2-4 unit dwelling with one unit occupied by the borrower
- Hud approved condominium project
- Manufactured home that meets FHA requirements
- Income, assets, monthly living expenses, and credit history may be verified
- Timely payment of property tax
Reverse mortgage counseling is a mandatory part of the reverse mortgage application process and is typically completed just before completing an application for a reverse mortgage. Reverse mortgage counseling can be done over the phone with one of the national counseling agencies or it can be done face-to-face with a regional agency.
The consumer fills out application for reverse mortgage with the lender, and selects the product and payment options:
- fixed monthly payments for life
- fixed monthly payments for finite period
- lump sum payment
- combination of monthly payments and line of credit
An appraisal is ordered through a certified appraisal management company (AMC). The appraiser schedules a time at your convenience to inspect the property. The appraiser completes the report then sends it to the AMC, which in turn sends it to us.
4. Processing and Underwriting
We order the title work, lien payoffs, etc. Package the application, counseling, and appraisal and send to the lender for conditional approval.
Upon completion of the conditions the loan is ready to close. All reverse mortgages have a 3 day right of recission. You will have 3 days after the signing to change your mind and close the loan. After the recission period, funds are dispersed to the method you disclosed at the closing.
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- Man, my life’s getting better and better as the days go by. So glad I could stay in Los Angeles. Keep up the excellent work!Thomas
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