![]() ![]() If the Borrower(s) used a reverse mortgage to pay off an existing mortgage debt or liens, the title or escrow company will also send the payoff amount to satisfy each party as well all other vendors and payees per the final HUD-1 closing statement. Immediately after this waiting period, the title or escrow company will disburse the Lender’s funds according to the final HUD-1 closing statement. This means that even though the closing has taken place, the Borrower(s) can still cancel the transaction with no penalty for three business days after the closing. Once signed, the loan closing documents are subject to a three-day “right of rescission” period (except for purchase transactions). This is the Borrower(s) last opportunity to review the closing documents to make sure that the interest rate, fees, loan proceeds and terms are as expected. The Lender and the Applicant set a closing date where a title company or escrow company closing agent (in some states an attorney will conduct the closing) meets with the Borrower(s) to sign the final closing documents. Let our experienced professional licensed Mortgage Loan Originators assist you to make the “Right Fit” for your situation early on in your searching process. Our professional licensed Mortgage Loan Originators will help you make an informed decision to proceed, regardless of the time needed to provide for your decision comfort.Īt Moneyhouse, we are here for you and know that getting the answers to your questions and undertaking a reverse mortgage education process are key to making a good decision. Some senior homeowners may invest one to two months meeting with the professionally licensed Mortgage Loan Originator in person and reviewing key documents including the Good Faith Estimate (GFE), Loan Comparison Summary and other loan documents before deciding to proceed. They next request information from a local professionally licensed reverse Mortgage Loan Originator to look at loan programs, terms and related features and benefits. The homeowner typically researches reverse mortgages using resources such as the Moneyhouse website, trusted advisors like family, a local banker, friends and retirement planning professionals. The application documents will specify the reverse mortgage fees. The application is not binding and can be cancelled at any point during the process. Sometimes, a reverse mortgage applicant begins considering a reverse mortgage several months before attending HUD required counseling and completing an application. The application legally authorizes the Lender (Moneyhouse) to begin the application process but the Lender cannot incur any loan costs on your behalf until Step 2 (counseling) is completed. However, the longest part of the reverse mortgage loan process is the decision-making process that leads up to the application. ![]() The Money House, Inc., is an Equal Housing Lender.A reverse mortgage application process generally takes about 30-45 days from start to finish and has five major steps. THE CONTENT ON THIS WEBSITE WAS NOT FROM AND WAS NOT APPROVED BY HUD OR FHA. All Borrowers are subject to complete program criteria and underwriting guidelines. This is not a commitment to lend or a loan approval. Terms and site content subject to change without notice. For consumer information please paste into your browser. The information contained on this website is for authorized licensed mortgage professionals only and is not intended or to be used for access by consumers. Not all products, programs and options are available in all states. NMLS # 169716: Corporate Office: 52 Paseo Covadonga St., San Juan, PR, 00901 78 Licensed by the Commissioner of Financial Institutions of Puerto Rico #IH-040 California: Department of Business Oversight under the California Residential Mortgage Lending Act, License #41DBO-46418 Florida: Florida Mortgage Lender License MLD821 Georgia: Georgia Department of Banking and Finance # 47451 Illinois: Illinois Residential Mortgage License # MB 6761152 Tennessee: Tennessee Department of Financial Institutions #128757 Texas: Texas SML Mortgage Company Branch License NMLS ID #1392959, for additional consumer information refer to the Texas Consumer Complaint and Recovery Fund Notice located on our main website legal page. ![]()
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