THE STEPS TO A REVERSE MORTGAGE
1. You contact your Reverse Mortgage Advisor to find out if a Reverse Mortgage is right for you. Contact Dan Feldman at 800-616-8374 or [email protected] for a free consultation.
2. You must then speak with a counselor to discuss this program. Third party consumer counseling is mandatory and must be provided by a HUD approved agency. This ia a free service. Your Advisor will supply a list of approved counselors in your area or call the following number: Money Management International - 877-908-2227.
3. Once you have been counseled, have the counselor fax the certificate to our NJ (908-769-3952) or FL (561-357-0956) office. The ORIGINAL certificate must be mailed to us.
4. WFS will order your home appraisal and title report.
5. You will then be visited by your Advisor to sign documents.
YOU MUST PROVIDE THE FOLLOWING AT THE TIME OF SIGNING:
Copy of Driver's License or other picture ID
Copy of Social Security Card or Medicare Card
Copy of Declaration page of Homeowners Insurance Policy
Name & phnoe number of the Condo association if you live in a condominium
THE CLOSING WILL TAKE PLACE IN YOUR HOME, AT A TIME THAT IS CONVENIENT FOR YOU
You have three (3) business days after closing to cancel the loan.
After this period, funds will be dispersed according to the plan you have selected.