Reverse Mortgage Experts Serving West Palm Beach, FL
Receive help and information on a reverse mortgage by contacting Senior Mortgage Solutions.
Designed for Those 62 Years and Older to Purchase or Refinance
The HECM, pronounced “heck-um,” is the FHA Home Equity Conversion Mortgage, commonly known as a Reverse Mortgage, which allows seniors to purchase their retirement home and not have any mortgage payments for the rest of their lives. On the other hand, it allows seniors to access the equity in their home tax-free and, again, not have any mortgage payments for the rest of their lives! The HECM is a loan, however, you do not make mortgage payments for the rest of your lives—the lender makes the payment for you. This program is our specialty. Our president, Jim Deakins, is an expert in HECM loans and will explain the program in depth by happily coming to your home to go over applications and closings!
A Reverse Mortgage Offers More Than You Could Dream Of
A reverse mortgage offers qualified borrowers to pay off their existing mortgage and maintain the title and ownership of their home. Qualified borrowers might also be eligible to receive supplemental income with a reverse mortgage.
The Reverse Mortgage ProcessBy following our step-by-step guide, get yourself acquainted with the reverse mortgage process. This might be the path to your dreams you’ve been waiting for!
Step 1: Take Action
You’ve already done this step! If you’re on our website, you’ve probably heard about reverse mortgages. You’ll want to keep gathering more information online, but you’re taking action to learning more about the mortgage.
Step 2: Make the Call
Call our offices to discuss your further steps and start moving toward your dream.
Step 3: Receive Orientation
Each qualified borrower must receive an orientation program from an independent, unbiased HUD-approved counselor. This counseling session can be done over the phone, in the comforts of your own home or face-to-face in the counselor’s office. You’ll get valuable information from the counselor and discover how well the reverse mortgage program matches your lifestyle and goals.
Step 4: Qualify
In the counseling session, the counselor will look at whether or not you are qualified for the mortgage. Qualifying for a reverse mortgage may be as simple as being at least 62 years of age and owning a house, condo, 1- to 4-unit property or manufactured home occupied as a primary residence.
To note here, your credit score or current monthly income are not a part of the qualification process. It focuses on your age and what you own.
Step 5: Application
Fill out an application and select a payment option: a monthly income for life or term, an up-front lump sum payment, a line of credit or any combination of these options. The application is short and concise and shouldn’t take you a long time.
Step 6: Processing
The lender orders an appraisal, title work, lien payoffs and other operations in order to process your loan. An appraiser assigns a value to your home and determines the physical condition of your property in order to estimate how much your reverse mortgage will be.
Step 7: Underwriting
After receiving all pertinent data, the lender finalizes loan parameters with you and submits the loan package to an underwriter for final approval.
Step 8: Closing
Your closing agent will contact you, and you will sign the final loan documents in order to complete the processing of the loan. Depending on your payment plan, you will either begin to receive money or it will become available to you on demand.
Step 9: Funding
You have three business days to cancel the loan. Upon expiration of this period, the loan funds are disbursed. You do not pay any monthly mortgage payments to the lender. However, you are required to pay your property taxes, homeowners insurance and property upkeep.