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Reverse Mortgage West

Serving Southern California since 2004

  • Home
  • About Me
    • About Me
    • Disclosures & Licensing
  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Testimonials
    • Frances Norman Horton Testimonial

The Reverse Mortgage Process

Many people have fear about the reverse mortgage process. My job is to help alleviate that fear and make the process as clear and comfortable as possible. Please feel free to contact me if you would like to learn more about reverse mortgages.

Awareness

You may have heard about the reverse mortgage loan on TV, radio or received a mailer or have done your own research.

Education

Meeting with a qualified reverse mortgage professional is key. This is where you learn about your specific numbers, what you qualify for, and receive an analysis of your particular situation.

Counseling

Counseling is required from an independent third-party, HUD-approved counseling agency, for all reverse mortgage borrowers. Typically this fee is paid by the borrower. Consult with your reverse mortgage professional and make sure you complete this a soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.

Action / Application

Meet with your trusted reverse mortgage loan officer and decide if a reverse mortgage is right for you. Our reverse mortgage professionals may meet with you at our office or your home or by phone to help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted advisors or family member(s) to review.

 

Reverse mortgage loans give you the peace of mind of a government FHA-insured loan where your home and property are the only assets which secure the loan.

 

Financial Assessment

To help ensure the long-term success of the HECM loan over time, HUD requires a review of each applicant’s credit history, property tax payments and other credit factors that will be evaluated to measure a borrower’s willingness and financial capacity to meet the ongoing obligations of the loan.

Appraisal

Upon receiving your HUD counseling certificate we will contact you to arrange for an appraisal of your property. The appraisal is paid by the borrower. Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.

Processing

We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. Also verification of income and other credit factors are gathered at this time. We will be in contact regularly during this time.

Underwriting

When the processing and all paperwork is complete, we forward your file to the loan underwriter for final approval and will work to satisfy any conditions/requirements needed to close the loan.

Closing & Funds Disbursed

Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or partial lump sum (how you want to receive your money). Once you’ve signed the closing documents you have three business days to cancel the loan if you should chose to do so. After the cancellation (rescission) period has passed your funds are distributed based on the payment option you chose at closing. HECM for Purchase loans do not have a rescission period.  See HECM for Purchase Guideline for more information.

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
Adult Children
How Much Can You Get?
Use our free calculator that will help you see how much you could qualify for.
Loan Calculator
Is It Right For You?
Get the facts from a qualified reverse mortgage originator.
Get The Facts
Would you like to see how much you can get?
NMLS#: 279015
NMLS Consumer Access
ADA Notice
This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Owen Coyle
8975-403 Lawrence Welk Dr
Escondido, CA 92026
Phone: 800-830-2505

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Disclosures & Licensing

NMLS# 279015 (Individual)
NMLS # 274336 (Reverse Mortgage West)

Bureau of Real Estate (BRE) # 01253295 (Individual)

California Bureau of Real Estate -Real Estate Broker- Broker# 01837820
(Reverse Mortgage West).

Reverse Mortgage West 20 Truman St Suite 205, Irivine CA 92620 Phone 949-885-8883

Serving San Diego, Oceanside, Escondido, Carlsbad, San Marcos, Chula Vista, Rancho Bernardo, and the surrounding Southern California area.

© 2018 . All rights reserved.

  • Home
  • About Me
    • About Me
    • Disclosures & Licensing
  • About Reverse Mortgages
    • Top 10 Reverse Mortgage Questions
    • Intro to Reverse Mortgages
    • How It Works
    • Reverse Mortgages FAQs
    • Reverse Mortgage Myths
    • The Reverse Mortgage Process
    • Choosing a Loan Originator
    • HECM For Purchase Guidelines
    • History of Reverse Mortgages
    • FHA-Insured
    • Reverse Mortgage Resources
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Testimonials
    • Frances Norman Horton Testimonial