When you contact a representative of the 1st Reverse Mortgage USA Lender Network™ they will ask you for the following information:
- Name or names of the homeowners
- Their dates of birth
- The zip code in which the property is located
- A preliminary estimate of the value of the property
- A preliminary estimate of the balance due on any existing mortgages
This information is entered into a computer program that calculates the amount of equity you will be permitted to access. As we previously discussed in Safeguard #1 no lender can offer a higher or lower amount. If you are being quoted different amounts by different lenders verify that you have given both lenders the same information. The current interest rate is also a factor in the calculation. If you speak to two lenders, but on different days, and if there was a change in the interest rate, it is possible for the calculation to be different. Members of the 1st Reverse Mortgage USA Lender Network™ are trained to assist you in sorting out any discrepancies. Once the initial calculation is made, the computer program will subtract the loan fees, and subtract the amount of your proceeds needed to pay off any existing mortgages (the payoff of these mortgages ends any further monthly mortgage payments). The remaining balance is the amount of reverse mortgage proceeds available for your personal use.
The amount of your reverse mortgage will also vary from program to program. Members of the 1st Reverse Mortgage USA Lender Network™ have six different programs from which you can chose. Historically over ninety percent of all seniors will use the same FHA program, however based on your age and home value one or more of the other five may offer unique benefits. When you meet with one of our representatives they will show you a side by side comparison of all your options.
Apply Online today to be pre-approved for the loan you want.
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