Steps to A Success
Throughout the years in this business, Carol Bertocchini has been educating her clients and sharing her knowledge with her community about reverse mortgages.
Since your home is probably your largest asset, it is smart to learn about the benefits and then decide if it’s right for you.
When you feel that a reverse mortgage may be the right step to make for yourself or a family member, Carol will be with you throughout the entire process and long after the loan has closed. Together, you will complete the following steps to process your reverse mortgage loan:
1. Education ~ You are probably in that first phase right now. When you have any questions whatsoever, please feel free to reach out to Carol at any time.
2. Counseling ~ Prior to signing any loan documents for a reverse mortgage you are required by law to participate in a Federal Housing Administration (FHA) consumer education session.
3. Application ~ Carol Bertocchini will be available to help you through the appropriate paperwork. When completed, you will receive a duplicate set of all signed documents.
4. Appraisal and Processing ~ As your licensed, experienced, reverse mortgage specialist, Carol will hold many roles to help you get through the necessary steps. Your home appraisal (with an official FHA licensed representative) will be ordered and arrangements made for any other needed services.
5. Closing ~ The closing is when the final documents are signed. For your convenience, Carol will use a “mobile” notary that will come right to your home.
6. Funding ~ Your loan provides you with a ‘three day right of recession”. Once that date has passed, your loan becomes valid and any existing debt on your home is paid off and funds are distributed according to the plan that you selected.
7. Commitments ~ Throughout the duration of your loan, the terms require that you maintain your home and pay all property taxes and insurance in a timely manner.
8. Repayment ~ You do not need to make any mortgage payments of any kind during the life of the reverse mortgage. The reverse mortgage becomes payable when you no longer live in your home as your primary residence.
It’s a true pleasure of Carol Bertocchini’s to help homeowners understand and enjoy the entire process. When you are ready to take the next step, please call Carol at any time.