First Contact:
1st Senior Home Protection wants to talk to you, the senior borrower,
either over the phone or in person, about whether a reverse mortgage
is right for you. We will discuss the pros and cons of a reverse mortgage,
how it works, how much money you might receive and anything else you
wish to know. You are the only person who can decide whether you want
to take the next step toward a reverse mortgage for your home.
Counseling:
If you decide that a reverse mortgage is the right choice for you,
you must receive independent counseling from a certified, HUD-approved
counselor. He/She will make sure that you have had all your questions
answered, and there is no confusion about your reverse mortgage.
Counseling is a protection device for you that the government has
built into the process of obtaining a reverse mortgage.
Appraisal:
1st Senior Home Protection will help you arrange for an appraisal of
your home to determine your home’s objective market value, and
whether any repairs will be required to meet Federal Housing Administration
(FHA) guidelines.
Inspection:
In many cases an inspection of the home is required to make sure that
your home is structurally sound and that there is not extensive termite
or dry rot damage.
Underwriting:
After the appraisal and inspection reports are completed, First Senior
Home Protection will guide you through all the normal processing procedures
that you might find in any mortgage.
Closing:
The final step of the program is your closing. This is when you receive
your money from the reverse mortgage.
You may choose to receive your
money
in one of three ways:
- Lump Sum
- Monthly Payment
- Line of Credit
You can do whatever you wish with your money!
- Pay your bills
- Fix up your house
- Help a family member
- ENJOY YOUR LIFE!
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