Home Equity Conversion Mortgage (HECM) Process
First step is to call and review and determine how a reverse mortgage can best fit your needs. We can determine the amount that you can gain access to, this is a calculation based off of age and valuation to the home. Answer all your questions and possible family concerns.
Whiles starting your process, it is required by HUD, that all participants undergo reverse mortgage counseling. This is done by a third party, you can call 800.569.4287 for a list or visit https://entp.hud.gov/idapp/html/hecm_agency_look.cfm Some of these HUD Counselors have a small fee or are free.
Once the application is completed and a few small items collected, the file is then put in to underwriting. From the time of the application being submitted it may take up to 2-3 days for that review. During this time an appointment will be made for an appraisal of the home to determine value. Once the appraisal is in for review and all conditions are met a few days later you will be contacted for the closing process. This process would entail the singing of the loan documents, this can even be done in your home. It is very important at that time any further existing question are answered and I will be available before and as you sign your documents.
Resources for considering a Reverse Mortgage (HECM) loan product.
Click on the links below to be taken to the full story.
Long term care, The National Council on the Aging (NCOA) stated that a reverse mortgage can be used by over 13 million Americans to pay for long-term care. In addition they reference
NCOA has their Benefits Access work sheet for utilizing all resources that may be available to seniors.
Use your Home to Stay at Home, this is an article put out by the NCOA and Dr. Barbara Stucki.
Visit Caring.com as they touch on the consideration of the impact on medicaid and medicare.
Find in home care providers in the local area with Caring.com.
Find special resources through Meals on Wheels and Community Bridges.
Concerned about maximizing Medicare or Social Security benefits. Visit www.maximizemysocialsecurity.com to confirm how you can choose the right time to take benefits. Consider buying the proprietary software that will calculate out the best time for your particular situation. This product is written by Professor of Economics at Boston University, Laurence Kotlikoff.