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Steps to obtaining a Reverse Mortgage

STEP 1
Learn all you can. You are doing that now! Before you know whether or not a reverse mortgage is right for you, you first have to educate yourself about what they are and how they work. Many seniors consult with their families before making the decision to go forward. BCI Financial is here to help with this important first step and will be happy to meet with you and your family member or trusted advisor. Find out what you can from this website and from the links to other websites from our Resources page, then give us a call.

STEP 2
Application. BCI's representative will either visit you in your home or you may visit us to prepare an application and other disclosures to read and sign. We will discuss your needs and what the benefits are of a reverse mortgage in a "no pressure" environment. A copy of the application and sample loan documents will be provided to you. We request a copy of your photo ID and social security or Medicare card and the name and phone number of your homeowner’s insurance agent. If you have an existing mortgage to be paid off, we will need the name of the lender and loan number. If you have a living trust, we will need a complete copy of the trust.

STEP 3
Counseling. Before you can obtain a reverse mortgage loan, you must satisfy the mandatory counseling requirement. It is a one time session which will take from 30 minutes to one hour depending on how many questions you have. You may visit a counselor or have your meeting by telephone. Your BCI representative will help you select a U.S. Department of Housing and Urban Development (HUD) authorized counselor. The counselor will discuss the program with you. You will receive a certificate that your counseling is complete which you will need to sign and send to us.

STEP 4
Appraisal. We will arrange for a formal appraisal of your home and for a termite inspection (required by HUD). The appraiser and inspector will each call you to make an appointment for a time that is convenient for you. The appraiser will submit his appraisal of your home to BCI and we will make a copy for you. The value of your home as determined by that appraisal will help determine the amount of money you will actually receive on your reverse mortgage. The termite inspector will submit his report to us as well. The only out of pocket cost for our customers is for the appraisal of the property. That cost is $350 and should be paid when you apply for the R.M. All other cost and fees are disclosed when you apply and are incorporated as part of the loan, so they do not have to be paid until the home is sold and the loan is paid off.

STEP 5
Approval. When we have all of the necessary documentation, we will submit the documentation package for approval to our HUD endorsed underwriter. When the loan is approved, we will confirm with you how you want to receive payment of your loan and arrange for a meeting at your home to sign the loan documents.

STEP 6
Funding. After you sign the loan documents, there is a mandatory three business day waiting period during which time you may still cancel the loan. After the waiting period, if you choose not to cancel, you will receive payment of your loan as you requested.

STEP 7
After Funding. Carry on with your life. Begin to travel, golf, enjoy lunch with friends. Or, do all of the things YOU always wanted now that you have the peace of mind that comes with financial independence.

Call for more information or click here and answer a few general questions to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation.

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