APPLICATION PROCESS, MADE EASY

Reverse Mortgage Features

• You and your spouse must be 62 years or older.
• You must own a single family home, 2-4 unit owner occupied, townhouse, detached, condo.
• You can qualify even if you don't have an existing income.
• Any outstanding mortgage on your home is paid off as part of the program.
• No payments are required while you reside in your home
• Most loan costs can be paid by and included in the reverse mortgage
• No credit history applies as long as there are not current government liens against your home.

The Application Process
At Senior Loan Experts We Make It Easy! The process of obtaining a Reverse Mortgage can be long and tedious, if you are not careful. Senior Loan Experts streamlines this process by assigning you a Reverse Mortgage Advisor and Reverse Mortgage Processor. Your Advisor and Processor will be your contact points throughout the process to answer any questions and address any concerns. You will be updated regularly throughout the process to let you know your status. We will not keep anything from you, the entire process will be outlined, and you will always be informed of where we are.

Here's the Quick and Easy Process:

1. Awareness
You learn about reverse mortgages from a news article, advertisement, word-of mouth, etc.

2. Upfront Education
You contact Senior Loan Experts locally at 407-936-2400, Toll Free at 800-979-0775 or at our web site www.SeniorLoanExperts.com to learn more about reverse mortgages. We will then set up an appointment so one of our Reverse Mortgage Advisors can visit with you and your family, and please feel free to invite the rest of your family to sit in on our presentation. We think everyone should be fully informed. We discuss the Reverse Mortgage and determine if it is appropriate for you and your situation. If you desire, we also will send out a short and very informative video and additional literature on Reverse Mortgages.

3. Counseling by HUD-approved Counseling Agency
Counseling is required for all reverse mortgages and may be conducted face-to-face or by telephone. We provide you with contacts to set an appointment, so you can talk to an independent, certified HUD Counselor, which is a requirement of the FHA HECM (reverse mortgage) and it provides additional peace of mind.

4. Application
During the in-house visit, we will explain all the features, costs, payment options and thoroughly answer all questions. Only when you are satisfied will we begin the application process. You provide Senior Loan Experts with the required information, including verification of Social Security number, copy of deed to home, information on any existing mortgage(s), and counseling certificate.

6. Underwriting
Senior Loan Experts submits the loan package to underwriting for approval. We track the entire loan package through the system and inform you of the status. It can take anywhere from 3-5 weeks (sometimes sooner) to underwrite a loan package.

7. Closing
Once approved, we set a closing date and we attend the Reverse Mortgage Closing with You. You sign the loan papers at the Title Company.

8. Disbursement
You have three business days after signing papers in which to cancel the loan. Upon expiration of this period, the funds are disbursed. You may use the loan proceeds for any purpose. Any existing debt on the home is paid off. A new lien is placed on the home.

9. Repayment
You don’t make any monthly mortgage payments during the life of the loan. The loan is repaid when you cease to occupy the home as a principal residence or your demise. The loan may be repaid by you or the heirs/estate, with or without a sale of the home. The repayment obligation can never exceed the home’s value or sales price.

Our goal is to ensure you are well informed but don't need to worry about the details. Your Advisor and Processor will take care of that from start to finish. We are committed to Your Financial Independence!

For more information please use the contact form or call us locally at
407-936-2400 or Toll Free at 800-979-0775.