Reverse Mortgage for Purchase

A Step-by-Step Process to Financing Your New Home

For borrowers age 62 or older, a Reverse Mortgage for Purchase can be a great alternative to traditional mortgages that require you either to pay monthly mortgage payments or to liquidate additional assets in order to pay cash for a new home.

Step 1: Education – As your Loan Officer, I will;

• Listen to your individual needs, assess your financial situation, and review your credit history.
• Explain to you the eligibility factors, benefits, features, options, costs, and borrower obligations associated with a Reverse Mortgage for Purchase.
• Answer your questions so that you can determine if a Reverse Mortgage for Purchase is the right solution for you and, if so, which type fits your needs and goals.
• Prepare you for your reverse mortgage counseling session with an independent counselor.

Step 2: Independent Counseling;

To ensure that you understand all aspects of a reverse mortgage purchase, the law requires you to have a counseling session with an independent counselor who is approved by the U.S. Department of Housing and Urban Development (HUD). The session usually takes 60-90 minutes, and it may done over the telephone or in person. (Some states require face-to-face counseling.)

Step 3: Application;

If you decide to proceed with a reverse mortgage, I’ll help you complete the application and collect your required documentation, including your signed Counseling Certificate, photo identification, proof of sufficient funds for down payment, etc. I’ll tell you all of the documents you’ll need to provide.

Step 4: Processing and Approval;

I’ll submit your documentation to Academy’s loan processing department, which will order a home appraisal, credit, and property reports and then will submit your completed loan file to our underwriting department for review and approval.

Step 5: Closing/Escrow;

• When the loan documents are ready for your signature, I’ll set up a closing date with you.
• Upon recording, you’ll be ready to move into your new home! Congratulations.

Take the Next Step

To find out if the Reverse Mortgage for Purchase program could help you fulfill your home dreams, call Academy Mortgage today.