Take the Next Steps Toward Your DreamHome
STEP 1: Preparation
n Education. Your RMF loan specialist will have all the information you’ll need to help you decide if a reverse mortgage for purchase is the right solution for you. He or she can meet with you in person to go over all the details and answer all your questions. STEP 2: Pre-Approval n Counseling. You’ll meet with a third-party reverse mortgage counselor who’s approved by the U.S. Department of Housing and Urban Development (HUD), to make sure you understand all aspects of the loan. n Application. If you’ve decided to move forward, next, you’ll complete and submit your application. The application includes some personal information, and a financial assessment will be conducted to make sure you’ll be able to afford ongoing expenses like property taxes, insurance, and home maintenance. Your RMF loan specialist will guide you through this process and let you know what documents you’ll need.
STEP 3: Processing
n Appraisal. The home you wish to purchase will be appraised by an independent appraiser to determine the value. n Underwriting. Then the appraisal and loan package will be sent to an RMF underwriter for review and approval. The underwriter will make sure all the information in the package is correct and compliant with all laws and regulations.
STEP 4: Approval
n Closing. After your loan application is approved, you will sign your closing documents with a title officer or attorney (depending on your state’s requirements).
STEP 5: Arrival!
n Relocation. Receive the keys to your new home, and enjoy greater financial flexibility in retirement!
9 | Buy the Home of Your Dreams
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