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800-822-1190
800-822-1190
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The Process
The Process
Step 1: Education
An expert Senior Lending Advisor will meet with you to:
- Learn about your needs and individual financial situation.
- Explain the benefits, features, options, and costs.
- Help determine if a HECM is right for you.
Step 2: Qualification & Application
- If you are 62 or older and maintain a house, condo or townhome as a primary residence, you can qualify. There are no income or credit requirements.
- Any existing mortgage or home equity loan balances on your home will be paid off with a portion of the proceeds from the HECM.
- Your Senior Lending Advisor will help you complete the application and collect your documentation.
- Documents include: photo identification, verification of social security number, insurance and your existing mortgage statement if applicable.
Step 3: Counseling
- To be certain you understand all aspects of a HECM, the Government requires you to participate in an independent, unbiased counseling session with a U.S. Housing and Urban Development (HUD) approved counselor. This is done over the phone, for your convenience.
Step 4: Processing & Approval
After you speak with a HUD-approved counselor, your Senior Lending Advisor can submit the paperwork and begin to process your application.
- Your Senior Lending Advisor will order your home appraisal and title work.
- The application and all documentation will then be underwritten.
Step 5: Your Closing
- Your Senior Lending Advisor will contact you when they have obtained the final loan documents for you to sign.
After Your Closing
Financial Peace of Mind
- After the loan has closed, you will begin to receive your tax-free payout according to your chosen method. You may change your payout option at a later date.
- You retain full title to your property and must continue to pay your taxes and home insurance. You must also ensure the proper maintenance of your home.
Repayment
- You never have to make monthly payments.
- The HECM is repaid when the home is no longer your primary residence.
- You can repay your loan at any time without selling your home, and without any penalty.
- You will never owe more than your home is worth.
