Once you've made up your mind to apply, if you qualify, here's an outline what you can expect:
Below is a summary of the process and is not meant to provide detail on every step. Please contact us at (888) 200-4902 for more information.
- Complete HUD-approved HECM counseling
- Submit application
- Home appraisal
- Processing and underwriting
- Loan approval (If denied - explanation letter sent)
- If approved, 3 day right of recission sent
- Loan closing docs/notarized signing
- Loan funding disbursed
- First mortgage is payed off, if applicable
- Funds disbursement to you - Via Lump sum, monthly payment, line of credit, or combo
- Write note to self, place on fridge: "Do not send a mortgage payment next month!!!"
Want to see how much you can get?