STEP 1. Research Contact Ron Pippin at Bank of Utah for more information about reverse mortgages and specific loan programs. I also recommend that you research other organizations to get as much information as possible as well consulting with your financial advisor and family members. Organizations that I recommend are:
AARP – www.aarp.org. This organization needs no introduction to the seniors of America.
National Center for Home Equity Conversion (NEHC) – www.reverse.org. This site provides a comprehensive look at reverse mortgages.
STEP 2. Your Application Once you are ready to apply for a reverse mortgage, you will provide necessary innformation needed to apply for your reverse mortgage. An analysis will be provided showing different reverse mortgage options as well as give you a review of all of the costs involved. Remember that credit and income is not a criteria for a reverse mortgage. The only exception is if you are CURRENTLY in a chapter 7 bankruptcy filing. (Past bankruptcy does not matter)
STEP 3. Counseling You must receive counseling from a HUD-approved agency, which is done either by phone or in person. I have a list of counselors from which you can choose. Counseling is required to make sure that that you are not being taken advantage of. Unfortunately, there have been some unscrupulous lenders who sell seniors additional services that are unnecessary and so the federal government wants to ensure you are protected. Once counseling is completed, a certificate of completion will be issued to you.
STEP 4. Meet with Ron Pippin Once I have your Counseling Certificate and application, I and my assistant will handle everything, such as ordering an appraisal, pest inspection and title work. Once you have chosen a loan program, you also will want to determine the loan structure – a lump sum, monthly payments, credit line, or a combination. My assitant will then submit your application to underwriting for approval.
STEP 5. Closing You will work with me and my assistant to schedule a convenient time for your closing. We will prepare all of the necessary paperwork for you. Once closed, a 3 day wait is required after which your loan will fund and your money will be available to you.
STEP 6. Payment After the three days your loan funds. You will receive your payment (lump sum, monthly payment, or access to credit line – whichever option is chosen).
STEP 7. Enjoy Your Retirement
2605 Washington Blvd Ogden, UT 84401-3110 Phone: Cell: Fax: