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About Reverse Mortgages
About Reverse Mortgages
Reverse mortgages are only available for borrower that are 62 or older. They provide the older homeowner with the benefit of staying in their own home but, not having an actual monthly mortgage payment and potentially using the equity in the home into supplemental income. There are pros and cons to all mortgages and a Reverse Mortgage is no different.
The Approval Process
The Approval Process
Reverse mortgages are not for every borrower over the age of 62. To help borrowers determine if they want to proceed with a reverse (HECM) mortgage, there is a counseling requirement. Any borrower considering a HECM mortgage must taking counseling before we can proceed. Our FSB LO (Danessa Iversen) will provide them with the loan options available to them. Then the counseling will be required to take place before Danessa can move forward with the borrower. The counseling reviews the pros & cons in conjunction with the borrower's current situation and helps them get the education about the loan program they need to decide if they wish to proceed.
If they do wish to proceed, they provide proof of the counseling to our FSB Loan Officer and Danessa begins the loan disclosure process. The loan proceeds as expected with normal processing, appraisal and title taking place. Closing must occur with a title company familiar with Reverse Mortgages.
Who To Contact
Who To Contact
Our current Reverse Mortgage expert is Danessa Iversen. You can reach her at diversen@fsbfamily.com or call her directly at 815-761-1177
Who Gets Paid on a Reverse?
Who Gets Paid on a Reverse?
Both the referring LO and Danessa Iversen get paid on a reverse mortgage that closes. The Referring LO is paid their full contracted commission amount when the loan is closed and funded. It will be based on the loan amount. Danessa turns in the information to payroll when the loan is completed to notify who should be getting paid.