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| Steps you will follow |
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The reverse mortgage loan process involves several steps that both the lender and homeowner are required to follow in Rhode Island.
These steps are designed to protect and educatate you so you can make the best informed desicion for your future.
Here are the steps you can expect to go through:
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| 1. Call us or fill in our 'Contact Us' form. |
| Once you submit the form or call us we will ask you a few questions and then route you to a loan officer. |
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| 2. Receive Upfront Education. |
| A loan officer will contact you to answer all your questions and help you pick a reverse mortgage loan product that is right for your situation. |
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| 3. Go to Counseling. |
| Financial counseling from an approved counseling agency will be provided. The agency in Rhode Island will provide counseling in order to make sure that a reverse mortgage loan is truly your best option. |
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| 4. Application/Disclosure. |
| Fill out the appropriate loan applications we provide. |
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| 5. Processing. |
| As with any loan the home must be appraised and physically inspected. |
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| 6. Underwriting. |
| The loan after all the information is gathered must be approved. |
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| 7. Closing. |
| Sign the loan documents. |
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| 8. Disbursement. |
| You start receiving your checks. |
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| 9. Repayment. |
| The loan is repaid when you no longer live in the home as your principal residence. The loan may be repaid by you or your heirs/estate, with or without a sale of the home. The repayment obligation will never exceed the homes value or sale price. |
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Reverse Mortgage Loans Rhode Island gives reverse mortgage loan information and resources to direct homeowners through the reverse mortgage loan process. Reverse Mortgage Loans Rhode Island can help you find a top reverse mortgages professional, the best educational information on reverse mortgages, important links to external reverse mortgages resources, like the NRMLA and HUD and more. Our site connects you with local reverse mortgage brokers that will help you through the reverse mortgages process to ensure a successful loan. We also provide answers to frequently asked questions, articles and a blog with relevant current news. If you or a loved one are aged 62 or over, get the facts about the reverse mortgages loans, find out if they meet your mortgage requirements and review the steps you will take if you decide to start the reverse mortgage loan process. We encourage you to read our privacy policy and terms of use and hope that a Reverse Mortgage Loans is right for you.
Copyright 2007 HomeXperts, Inc. |
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| Rhode Island, officially named the State of Rhode Island and Providence Plantations, is a state in the New England region of the northeastern United States of America. It is the smallest state by area, and the 8th smallest by population. Its official name is the longest official name of any U.S. state. Rhode Island was the first of the thirteen original American colonies to declare independence from British rule, signaling the start of the American Revolution; it was also the first state that engaged in armed hostilities with British property and authorities. Rhode Island did not participate in the Philadelphia Convention and was also the last of the original thirteen states to ratify the United States Constitution. |
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