The People Assisting You In Getting Your Reverse Mortgage
A number of individuals will be assisting you in getting your Reverse Mortgage. These individuals include:
Reverse Mortgage Specialist - This is your loan officer who will explain the ins and outs of Reverse Mortgages, your figures and costs, help you determine if a Reverse Mortgage is right for you, and which program and payment plan best fits your needs. He or she will take your loan application and is your main contact during this process.
Counselor - Counseling is mandatory as a protection for Seniors. Counseling is done by a third party. The Counselor will confirm that your Reverse Mortgage Specialist explained how Reverse Mortgages work and that you are aware of any other options.
Loan Processor - The Processor is the person that takes your application package from the loan officer, handles all the other paperwork and documents that go into to your file until it is completed and ready to close. You may receive mail or phone calls from the Processor during the loan process to resolve any situations during the process.
Appraiser - The Processor will order an appraisal of the property. The Appraiser will contact you to schedule a time to come view your home. The Appraiser will take a quick walk through your home taking several photographs. The Appraiser will then prepare a report certifying the value of the property, and that there are/are not any repairs or a termite inspection needed.
Closing Attorney - The Processor will order a title examination of your home with a Closing Attorney. The Attorney will examine your title for any title problems, order a plot plan if necessary, order tax certificates, and the payoffs of any mortgages due. The Attorney will also prepare your closing documents and explain them to you during the closing on your Reverse Mortgage.
Underwriter - Once your loan package is complete the Processor will send the package to the underwriter to review and sign off on your loan for closing.
Servicing - Once you close on your Reverse Mortgage, you can call the toll free number with any questions you may have. Servicing also sends you a monthly statement showing you the current status of your Reverse Mortgage.
Mortgage Trust Group, Inc.
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