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How To Apply for a Reverse Mortgage
Harry has created a seven-step, easy to follow process, designed to guide and coach you through the entire reverse mortgage process.
So whether you will sit with Harry at your kitchen table, his office or work with him remotely in a far off city, Harry's process has been designed to make you feel just like he is sitting by your side.
Step 1 - The Discovery Conversation
The first conversation with Harry is generally over the phone and is all about you and your story. It is about discovering what you need to know about reverse mortgages and whether or not one is right for you. Naturally, during that first conversation, both you and Harry will need to determine whether or not you qualify. Only when you know you qualify, believe that the concept has merit, and you feel comfortable working with Harry will you be ready to go onto the next step.
Step 2 - The Reverse Mortgage Information Package
Harry's team will rush yo you his Reverse Mortgage Information and Discovery package.
The package contains two DVD's. The first DVD is to learn about Harry and the second is to learn about reverse mortgages. Reverse mortgage industry leaders will tell you that selecting the BEST reverse mortgage professional is just as important as selecting the best reverse mortgage for you!
Also enclosed is Harry's booklet, 'Is A Reverse Mortgage Right for You' as well as other information designed to inform and educate you about reverse mortgages.
Important
If you do not live near to Harry's office, do not despair or be alarmed. Many of Harry's clients have only met or worked with Harry over the phone, or by email, letter and the exchange of other vital information by overnight courier. They would ALL tell you that their experience was that it was easy, stress free and enjoyable! They would also tell you that the safety and security of knowing that they were consulting with one of the nations TOP reverse mortgage professionals felt alot better than taking 'pot luck' with men or women 'down the street'.
Step 3 - Post -Package Conversation
Step 3 takes place AFTER you have read the information package and watched BOTH DVDs.Most people will come to one of two conclusions after reviewing all of the information provided and asking all of their questions:
Conclusion 1 - You may determine that a reverse mortgage is not for you and that is ok! Reverse mortgages are not right for 30% of senior homeowners.
Conclusion 2 - After sending all of the presented material, viewing both DVD's and receiving answers to all of your questions, you may determine that a reverse mortgage may be right for you. Note that we say 'may be right'! Before you are ready to say that 'it is right' you must spend more quality time with Harry so that the whole process becomes crystal clear.
Step 4 - The Application Step
If you determine that a reverse mortgage is 'probably' right for you, the next step is for you and Harry to complete the application together. Please note the careful use of words at this stage - you are 'probably' prepared to go forward with a reverse mortgage. No real decision should be made until you complete your counseling (Step 5).
At Step 4, Harry's assistant will send to you, via priority mail, the complete application package.She will then set a two-hour consultation session during which Harry will explain and discuss each page with you before you sign and return the package. Because of the many Government safeguards and disclosures that are required, this process will consume at least two hours.
Upon completion, you will return one copy and retain one for your records. A copy of your State issued Drivers Licence or ID card along with a copy of your Social Security Card or Medicare Card is required as well.
A stamped Priority Mail Return envelope will be provided for your convenience.
Important
Even though you have signed the application, you have not obligated yourself to a reverse mortgage. Federal law allows you to opt out as late as three days AFTER you sign the first loan documents at a Title Company or Closing Agent.
Step 5 - Counseling
This step is the mandatory HUD counseling. This important step is conducted by a HUD trained Reverse Mortgage Counselor and Senior Advocate.
The counselor has two primary responsibilities:
- To make certain that you fully understand the pros and cons of a reverse mortgage
- To determine if a reverse mortgage is the right financial product to meet your specific needs
We will provide you with a list of eight counseling agencies who conduct phone counseling sessions and at least two counseling agencies in your area that conduct sessions in person. The law requires that you make the selection yourself.
Step 6 - Harry's Staff Goes To Work!
The processing and pre-closing step is where we go into action on your behalf. We order the appraisal and preliminary title report. We process the paperwork, escort all the documents through the underwriting process, handle all conditions and finally we secure and send to the closing agent the final loan documents.
Every Monday you will receive a status call and of course our toll-free number, (800) 486-8786 extension 709 is always available to you.
Step 7 - Closing
Closing occurs where you live. We work only with reverse mortgage experienced title companies and closing agents. We have worked too hard to have it messed up right at the end by am inexperienced closing agent. In many cases, our closing agents throughout the country can come to your home for signing.
