CASH & LIQUIDITY
The Reverse Mortgage allows you to convert the equity in your home into a liquid asset.
All of FirstBank’s Reverse Mortgage products are insured by the Federal Housing Authority (FHA)” under Protection.
The Reverse Mortgage does not have a minimum credit score requirement.
3 Ways To Get Cash From Your Reverse Mortgage
Lump Sum Upfront
A lump sum upfront is often used to pay off an existing mortgage, or expensive credit card debt or unexpected bills.
Supplement your pension or social security income.
Line of Credit
A line of credit is a financial safety net; it provides instant access to cash whenever you need it.
Meet with a qualified Reverse Mortgage professional to learn about your specific numbers, what you qualify for and an analysis of your particular situation.
HUD counseling is mandatory for all Reverse Mortgage borrowers. You will receive two certificates; one to keep and the other to send to our office.
Our Reverse Mortgage specialist will consult and guide you through the application process.
Upon receiving your HUD counseling certificate, we will contact you to arrange for an appraisal of your property. Reverse Mortgages use a full FHA appraisal.
We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid.
We forward your file to the loan underwriter for final approval and will work to satisfy any requirements needed to close the loan.
CLOSING & FUNDS DISPERSE
Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents.