REVERSE MORTGAGE PROCESS

First: Do your homework

Do your research and become aware of your options. The senior organization AARP website offers information on the different programs available. The website is www.aarp.com. The lender that currently provides approximately 60% of the reverse mortgages Financial Freedom also has a web site that you can use as a resource. The web address is www.financialfreedom.com.

Second: Contact Yankee Mortgage for no obligation consultation

Contact your local reverse mortgage specialist at Yankee Mortgage 800-411-0771 for specific information on your particular situation. A no obligation in home consultation can be arranged.

Third: Counseling Certificate

Obtain your counseling certificate. A Reverse Mortgage cannot be obtained without a counseling certificate from an independent counselor, usually AARP or FHA. There is no fee for the counseling, which usually takes about an hour over the telephone.

Fourth: Completing the paperwork

Complete the application and necessary documentation with your Yankee Mortgage Reverse Mortgage Specialist. Documents will be gathered which will include identification, social security cards and homeowners insurance declaration page.

Fifth: Appraisal and Pest Inspections.

At this time the appraisal and pest inspection will be ordered which are mandatory. Inspectors of each company will call you to arrange a visit.

Sixth: Underwriting the loan

Underwriting process by the lender can take up to four to six weeks. After that time any conditions will be cleared and the file will be turned over to the attorney’s office to schedule a closing.

Seventh: Rescission Period

After the closing documents are signed there is a three-day rescission period required by law. During this three-day period you can cancel the loan without any penalties.

Final: Your Reverse Mortgage is active and in place

After the rescission period the attorney will record the loan papers at the town hall and will prepare the checks that you are to receive at closing. If you choose a Line of Credit the necessary documents will be forwarded to you within three weeks.