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Low-Cost-Reverse-Mortgage-Help
Low-Cost-Reverse-Mortgage-Help
Low-Cost-Reverse-Mortgage-Help
​iReverse Home Loans, Corporation
Branch Office * 8231 Tobago Lane, Wellington, FL  33414 * Branch NMLS #1613062
Branch Manager Russel Helfman M.B.A.   * Individual NMLS #387498
855-434-2349 (Phone) * 516-706-6125 (Fax)
Corporate Office * 7689 Sitio Algodon, Carlsbad, CA  92009 * Corporate NMLS #1564664
Low-Cost-Reverse-Mortgage-Help
We originate reverse mortgages in Florida, Texas and California
In Texas DBA “iReverse Home Loans of Texas, Corporation”
Process For Getting a Reverse Mortgage
The process and guidelines for a reverse mortgage have changed many times over the last 10 years.   That is why we are dedicated to making the process as convenient as possible. We try to do all the work. The whole process, from application to closing, can take less than 6 weeks. The closing is done in the comfort of your home. 

Outlined below are the common steps in the process.  If you have any questions on anything below, please contact us so we can go over any details of the program.  Our job is to answer every question and walk you through the entire process step-by-step.


Initial Discussion & Researching Reverse Mortgages (Step 1)

As with any important financial decision, you want to educate yourself by learning as much as you can about a reverse mortgage.
- You will speak with a reverse mortgage consultant about the current options available and discuss any questions you have about the program.  This is a no obligation discussion.
- You will be provided with a free estimate regarding the approximate amount of money you will be eligible for and additionally any upfront and/or closing costs.


Complete a Reverse Mortgage application (Step 2)

- If you decide a reverse mortgage is beneficial for you, then we FedEx you an application package.  
- The application package contains three parts.  
        There will be a complete set of all documents for your records.
        - There will be a Counseling Session folder with documents the counselor will review with you.
        - There will be the application itself plus all required federal and state specific disclosures. 


Meet with a HUD approved counselor (Step 3)

- The counseling session is normally done over the phone and takes less than an hour.
- If however you would like to meet with a counselor face to face, the list of counselors we will provide you will be in driving distance. 
- This step is mandatory and is a safeguard to protect you because it allows you to discuss your situation with a non-biased third party. The session will help you understand what it means to get a reverse mortgage.


Your application is processed (Step 4)

- Once we receive the Certificate of Counseling from step 3, we can start to process your application. - We begin by arranging to set up the home appraisal and ordering all title paperwork.



Home Appraisal (Step 5)

- A national appraisal management company will assign a licensed local appraiser who will come to your home at a time convenient to you.  
- The appraiser will do an inspection of your home’s interior & exterior and take pictures. 
- The appraiser then creates a report, following FHA guidelines, that establishes a current market value of your home and property.
- The appraiser takes into consideration things like location, features and conditions of your home.
- Additionally, the appraiser will check the home to make sure the condition meets FHA requirements for safety. 


Loan goes to Underwriting (Step 6)

- The hope is that by the time the home appraisal report is complete, we have also received all the title paperwork from the title company.  We can then send your loan file to Underwriting for review
- The Underwriter is carefully checking all loan documentation to ensure that it is all accurate and complies with all laws and regulations.
- The Underwriter will then issue a “conditional approval” that includes a list of requirements to be met before the loan is approved to close. Generally these requirements include updates to the title information or appraisal report.


Loan gets approved and a “Clear To Close” (Step 7)

- Once all conditions have been met, the Underwriter issues an approval and “Clear To Close”.
- We would then contact you to set up the closing at your convenience. 


Closing (Step 8)

- The closing takes place in the comfort of your own home.
- The title company assigns a local notary who will come with all closing documents and will sit with you to review and complete the signing of all final paperwork.
- According to federal guidelines, there is a three business day “Right of Rescission” where you have the option to cancel the loan.  


Funding (Step 9)

- After the 3 day Right of Rescission, your loan will fund.  Any money you chose to receive immediately will be distributed by wire directly to your bank account.  If you elected to receive money as a monthly disbursement, those funds generally become available within 30 days.  
- A Line of Credit usually takes between 30-45 days to be set up.
- Additionally, funds are wired to your existing lien/mortgage holder to pay off that debt in it’s entirety.


Repaying your reverse mortgage (Step 10)

- You are never required to make any monthly mortgage payments during the life of the loan.
- Your reverse mortgage becomes due only under the following conditions:
  • Death of homeowner
  • Sale of home
  • Home is no longer your primary residence
  • Failure to pay property taxes or homeowner’s insurance.
  • Failure to maintain the home in good condition.



If you have any questions about the reverse mortgage loan process, please contact us and we will explain any details of the program and the process...​
Low-Cost-Reverse-Mortgage-Help
Reverse Mortgage Help Desk - Rated A+, The Honest Place to Find out How the Loan Works and If It’s Right for You.  Low Cost Loans Our Specialty.
Reverse Mortgage Help Desk - Rated A+, The Honest Place to Find out How the Loan Works and If It’s Right for You.  Low Cost Loans Our Specialty.
Reverse Mortgage Help Desk - Rated A+, The Honest Place to Find out How the Loan Works and If It’s Right for You.  Low Cost Loans Our Specialty.
Reverse Mortgage Help Desk - Rated A+, The Honest Place to Find out How the Loan Works and If It’s Right for You.  Low Cost Loans Our Specialty.
Low-Cost-Reverse-Mortgage-Help
Low-Cost-Reverse-Mortgage-Help
Low-Cost-Reverse-Mortgage-Help
​iReverse Home Loans, Corporation
Branch Office * 8231 Tobago Lane, Wellington, FL  33414 * Branch NMLS #1613062
Branch Manager Russel Helfman M.B.A.   * Individual NMLS #387498
855-434-2349 (Phone) * 516-706-6125 (Fax)
Corporate Office * 7689 Sitio Algodon, Carlsbad, CA  92009 * Corporate NMLS #1564664
Low-Cost-Reverse-Mortgage-Help
We originate reverse mortgages in Florida, Texas and California
In Texas DBA “iReverse Home Loans of Texas, Corporation”