Get Personalized Advice From A Reverse Mortgage Expert!
Michael Harrell Group is located in Texas and only does Reverse Mortgage loans in Texas!
It does not matter if you’re just starting your investigation into reverse mortgages or if you have made up your mind to go forward − we want to make sure you have clear guidance and fully understand the simple steps involved. Beginning the process with a private consultation with one of our consultants, who will make sure you have proper direction, education and all the facts will be a huge plus. You’ll be much more comfortable moving forward with a decision that’s right for you.
Again, a confidential consultation with one of our specialists will help us understand your needs and future goals. We can layout simply what will take place, what is necessary and provide you with the tools necessary to make sure everything is clear. You will receive program comparisons, cost and fee breakdowns should you choose to move forward with a Reverse Mortgage. This is a NO Obligation consultation!
A HUD approved counseling session is an important beginning step. HUD counseling will give you additional education and direction. These counselors are trained and certified for reverse mortgages. Most sessions are conducted on the phone and usually take about 45 minutes. Counseling can also be in person. Upon completion, you will receive a certificate signed by your counselor signifying your ability to move forward. They will go over every point and are un-biased. They will also go over your personal circumstances and make sure you have been given all the tools necessary to make a final decision.
Other topics they will cover include:
Once we receive your Counseling Certificate, a application is taken by your loan specialist. They will collect your personal information and prepare your personal documentation package. This package will contain all the necessary disclosures pertaining to state and federal law concerning your proposed Reverse Mortgage. It will also contain your loan terms, an amortization table and other documents necessary to your loan. Any questions you may have or any area you’re still unsure about can be re-visited with your loan specialist. This is your personal decision, and it is important. We respect your wish to go forward, delay or hold off.
An appraisal by an FHA approved appraiser will be done on your home. The appraiser will evaluate your home compared to others in your area. Size and features along with physical condition are some of the items they use to determine fair market value. Some deferred maintenance items that need to be repaired prior to closing, may be a part of your loan. Structural and safety issues will need to be taken care of before your loan closes. You will be responsible for the cost of the appraisal.
A preliminary title report will be ordered on your property. Not only will this reveal your exact legal description, but additionally, correct legal names on title along with any restrictions concerning your home and property. You will be responsible for the costs associated with the title report and the lender’s title insurance. These costs are deducted from the gross funds available to you.
After your Title and Appraisal are received our Processor will make sure everything in your file is in order and turn your loan file into Underwriting. The Underwriter will review all the documents within your loan file to ensure the file is accurate and complete. The Underwriter may request additional requirements necessary for the file. Most times these are items to update or additional comments regarding your Title and appraisal. Once these are received the Underwriter will review and issue a Clear to Close on the file or ask for additional clarification where applicable.
Once the Under writer has issued final approval of your file, our Closing Coordinator will help schedule a Closing date and time. For the Closing of your loan a Notary or the Bank’s Attorney will help witness you signing the necessary documents to Close your loan. You may have your attorney present at the closing to assist you. It is important for you to know that there will be a federal ‘right of rescission’ once you close. After you sign your closing papers you will have the right to cancel your loan for any reason during this 3-business day period.
At the end of the rescission period, your new Reverse Mortgage loan will fund the very next business day! Funds to pay off any existing mortgage as well as any other debts listed on your settlement statement will be wired directly. Any funds you have chosen to receive will be given to you at this time. If you chose to take monthly distributions, they will begin within approximately 30 days.
Your family members or trusted advisors may want or need to know more about a reverse mortgage. This pamphlet will give a general overview that is easy to read and understand.
You bet we are! Many of our Clients stay in touch with us and we want you to know should you need us for anything in the future, we are just a toll-free call away. If we do not hear from you, it is likely we will reach out just to make sure you’re doing well and everything about your loan is satisfactory.
We want you to be our Customer forever!
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Nationwide Equities Corporation, NMLS#1408
1 International Blvd. Suite 1202 Mahwah, NJ 07495 | (201) 529-1401
Click here for the Nationwide Equities Corporation NMLS access page.
These advertisements and materials are not provided nor approved by the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA).
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