REVERSE MORTGAGE PROCESS

People who expect to live at home for many years should consider a reverse mortgage. This type of loan allows older homeowners to convert a portion of their home equity into cash while they continue to live at home for as long as they want. Athlan Mortgage is expert in providing seniors with options for staying at home.

To qualify, all owners of the property must age 62 or older. Unlike conventional mortgages, there are no income requirements for these loans. Borrowers do not need to make any loan payments for as long as they (or in the case of spouses, the last remaining borrower) continue to live in the home as their main residence. When the last borrower moves out of the home or dies, the loan becomes due.

Minimal Information required for calculations:

• Zip code
• Date(s) of Birth – if two borrowers must have information on both
• Estimated Home Value
• Amount of outstanding mortgages or liens on property

This information will give us enough information to estimate your projected available equity amount and/or income amount.

You should bring the following required documentation when you apply:

• ID

• Evidence of date of birth

• Proof of Social Security Number

• Original Counseling Certificate

After you have obtained the required counseling, we can begin the application process. Any of the Loan Officers at Athlan can help with you complete your full application package

We will then proceed to:

(1) request an FHA Case Number

(2) order the Appraisal,

(3) order a title search and commitment (amount = estimate property

value),

(4) order termite inspection, and

(5) request updated Hazard Insurance declaration page.

It typically takes about 30 to 45 days to get to closing.