Reverse Mortgage – No FICO Needed
A reverse mortgage or home equity conversion mortgage (HECM) is designed for homeowners 62 years of age or older, that requires no monthly mortgage payments. Borrowers are still responsible for property taxes and homeowner's insurance. A portion of the equity in the home is converted to cash either paid to the homeowner in a lump sum or in payments over time.
Who Qualifies?• 62 years of age or older
• Own property free and clear or have paid down a considerable amount of an existing mortgage
• Occupy the property as your primary residence
• Not be delinquent on any federal debt
• Ability to make timely payments on property taxes, homeowner’s insurance, Homeowner association fees etc.
Loan Details:• NO FICO NEEDED!
• LTV based on age and equity
• Occupancy: Owner Occupancy required
• Eligible properties: SFR, 2-4 units HUD approved Condos and Manufactured homes
• Loan Amount: $100,000 up to $625,000
• Mortgage Insurance: MI Premiums (MIP) 0.5 %
• Terms: ARM-Tenure, Term, Line of Credit, Modified Tenure, Modified Term
The Loan Process: A Reverse Mortgage Roadmap
The process to obtain a reverse mortgage is simple; but it’s helpful to know what you can expect. Your licensed Integrity Credit Corporation(ICC) loan specialist will guide you throughout the entire process, and will answer any question you may have along the way.
You can use this as a checklist as you complete each step.
STEP ONE: Preparation• Education. Your ICC loan specialist will have all the information you’ll need to help you decide if a reverse mortgage is the right solution for you.
STEP TWO: On the Road• Application. After counseling, if you’ve decided to move forward you’ll choose a lender and submit your application to them. The application includes some personal information, and a financial assessment will be conducted to make sure you’ll be able to afford ongoing expenses like property taxes and insurance and home maintenance.
• Counseling. You’ll meet with a third-party reverse mortgage counselor who’s approved by the U.S. Department of Housing and Urban Development (HUD), to make sure you understand all aspects of the loan.
STEP THREE: Rounding the Bend• Loan Processing & Underwriting. Your home will be appraised, by an independent appraiser, to determine the value. Then the appraisal and loan package will be sent to an RMF underwriter for review and approval. The underwriter will make sure all the information in the package is correct and compliant with all laws and regulations.
STEP FOUR: Almost There• Signing Closing Documents. After your loan application is approved, you will sign your closing documents with a title officer or attorney (depending on your state’s requirements).
STEP FIVE: Arrival!• Funding and Disbursement. Three days after closing, the loan funds are disbursed and you can access them according to the payment plan you selected. Your loan funds will first be used to pay off any existing mortgage on your home, a new lien (the reverse mortgage) is placed on the home, and you can use the remaining funds from your reverse mortgage however you choose.