Reverse Mortgage Services

It's a home loan that enables you to convert a portion of your home equity into tax-free funds without having to sell your home, give up title, or take on a new monthly payment. Instead of making monthly mortgage payments, your mortgage pays you. That's the "reverse" part of a reverse mortgage.

With a traditional mortgage or home equity loan, Homeowners qualify based on their credit history and debt-to-income ratio. They borrow money which requires making monthly payments.

With a reverse mortgage - The mortgage makes payments to the homeowner and there are no income, employment or credit score qualifying restrictions.

• Owner and any co-owners must be at least 62 years old
• Home must be your primary residence
• Must own home free and clear, or the existing mortgage must be paid off with the loan proceeds
• Educational counseling with a HUD-approved counselor is required

Loan Application 1009

One of the key areas where MortgagePro360 works on is the creation and management of a Chain of Title for its clients. This clearly is the primary element in the Closing Process. We provide Current Owner, 2 Owner.

• Review all sections
• Verify Borrower Info
• Review of Options & Costs
• Check Section VIII for completeness
• Collection of photo identification, proof of date of birth, SSN, 90 day history proof of funds, HOI Binders, Survey and trust agreements, if applicable

Disclosures

We generate the following disclosures

• TIL disclosures
• State disclosures
• Fair Lending disclosure
• RESPA Servicing Transfer disclosure
• Calculation disclosure
• Tax & Insurance disclosure
• Reverse Mortgage Advisor disclosure
• Other disclosures

Loan Processing

Loan Processing begins after counseling is completed.

• Verify Signed, Original HUD Counseling Certificate
• Verify Certificate expiry
• Pull Credit

Third Party Order-Outs

We order, receive and review the following 3rd Party order-outs:

• Title
• Payoff Statements
• Flood Cert
• Spot Condo Review
• Repair estimates, if needed
• Termite Report
• Appraisal

FHA Connection

In order to deliver high quality appraisal products which meet industry guidelines and ensure long term compliance.

• Case Number Assignment
• CAIVRS Clearance
• Check LDP and EPLS List

Appraisal

We order, receive and review Appraisal Report. We review all the sections for all types of Appraisal Reports incl:

• Subject
• Neighborhood
• Site
• Improvements
• Sales Comps
• Reconciliation
• Additional Comments
• Cost Approach
• PUD
• Declining Market
• Repairs etc

Title

We order, receive and review Title Report. We review all the sections of the Title Commitment incl:

• Dates
• Vesting
• POA
• Property Address
• Legal Description
• Tax Search
• Liens
• Judgments
• Outstanding Mortgages
• Expiry

Verify Endorsements

We verify Endorsements incl:

• 6.2 Negative Amortization
• 8.1 Environmental Protection Lien
• 9 Survey Exception Endorsement
• Reverse Mortgage/Line of Credit Endorsement
• 5.1 PUD, if applicable
• 4.1 CONDO, if applicable
• Reverse Mortgage Trust Mortgagor Endorsement

Refinance (For HECM Loans)

We verify Endorsements incl:

• Obtain from borrower
• Prior HECM Case Number
• Prior HECM Loan Number
• Generate Additional Disclosures
• Anti-Churning Disclosure
• Special Refinance General Authorization
• Obtain Info about existing HECM Loans
• Modify FHA Connection