Reverse Mortgage
Reverse Mortgage
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.
The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care. However, there is no restriction how reverse mortgage proceeds can be used.
The loan is called a reverse mortgage because instead of making monthly payments to a lender, as with a traditional mortgage, the lender makes payments to the borrower.
The borrower is not required to pay back the loan until the home is sold or otherwise vacated. As long as the borrower lives in the home he or she is not required to make any monthly payments towards the loan balance. The borrower must remain current on property taxes, homeowners insurance and homeowners association dues (if applicable).
We manage all details of the refinance process:
- Manager. We completely manage and act as a neutral third party to close the transaction within the guidelines of the contract while serving as a depository for all closing documents and funds.
- Title Report. We request all preliminary reports on the property that will show all liens and encumbrances
- Process. We process and coordinate documents and funds.
- Communication. We keep parties informed on the progress of the escrow process.
- Response. We promptly respond to all questions during the course of the transaction to include buyer, seller and lender's requirements
- Secure Finance. We ensure security and accountability of monies owed and owing. We offer several disbursement options including wire transfers
- Conditions. We secure release of conditions.
- Approvals. Obtaining approvals of reports and documents from the parties as required.
- Financial Analysis. Prorating and adjusting dues, taxes, rents, etc.
- Record. We assist in recording the deed, deed of trust and other recordable documents
- Disburse- We perform all the disbursements in the file and follow disbursement instructions of all parties to insure a seamless closing and circulate the final settlement
- Close. We ensure all documents, titles, reports and funds are securely closed.
- Signing. We aid in setting up the signing of documents with a notary public and have a network of notary’s nationwide making signings convenient for our customers
