Reverse - HECM inquiry form

Your name

Please enter your name. If this inquiry is for someone else please enter their name in the 2nd set of name boxes.

First Name

Last Name

Their Name

Please enter the name of the person whom this form is being submitted.

First Name

Last Name

Your Phone Number

Please input the phone number you authorize us to use to communicate with you regarding this subject. If this is for someone else please enter your phone number here and their phone number in the 2nd box below.

Country

(###)

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Their Phone Number

Please enter the phone number for the person whom this form is being submitted.

Country

(###)

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Your Email

Please input the email address you authorize us to communicate with you. If this submission is for someone else please enter their email address in the box below this.

Their Email

Please enter the email address for whom this form is being submitted.

Property address

Please input the address that would be associated with the reverse mortgage or HECM OR just your own address.

Address 1

Address 2

City

State/Province

Zip/Postal Code

Country

Property Estimated Value

Input the estimated value of the primary residence for whom this form is being submitted.

Current Mortgage(s) balance

Input the sum of all mortgages and liens that are against the property that you entered the estimated value above.

Additional details?

Input any additional details that you feel we should know prior to contacting you.

Steps for Obtaining a Reverse Mortgage or HECM

Understand Reverse Mortgages
Familiarize yourself with how reverse mortgages work, particularly the Home Equity Conversion Mortgage (HECM). Know the eligibility criteria, including age requirements (some it is 55+, the HECM is 62+), home ownership, and residency.
Consult a Financial Advisor or Housing Counselor
Speak with a financial advisor or housing counselor who can help you assess whether a reverse mortgage is the right option for your financial situation and future plans.
Choose a Mortgage Broker like Monument Home Loans LLC
Look for a broker like Monument that have mortgage loan originator’s that are experts in Reverse Mortgage lending. A broker will compare various lender products, their rates and fees to find the best fit for your needs.
Complete a Counseling Session
You are required to complete a counseling session with a HUD-approved counselor. This session will help you understand the implications of a reverse mortgage, including how it affects your heirs and your overall financial situation.
Prepare Your Documentation
Gather necessary documents including proof of age, homeownership, tax returns, and any other financial information required by your lender.
Application Process
Fill out the application with your chosen lender. Provide all requested documentation to ensure a smooth application process.
Home Appraisal
The lender will schedule a home appraisal to determine the current value of your property. This will influence how much money you can receive from the reverse mortgage.
Approval Process
Once your application and appraisal are complete, your lender will review them. If everything meets the requirements, you will receive loan approval.
Closing the Loan
Upon approval, you will go to a closing meeting to sign the necessary documents. At this time, you will also receive closing cost details.
Receive Funds
After closing, you will receive your funds. Depending on your preference, you can opt for a lump sum, monthly payments, or a line of credit.
Maintain Your Home
Remember to continue paying for property taxes, homeowners insurance, and maintenance costs to keep the loan in good standing.
Repayment Understand that the loan is repaid when you sell the home, move out, or pass away. Ensure your heirs are informed about the process.

By following these steps, you’ll be better prepared to navigate the process of obtaining a reverse mortgage or HECM.