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| Steps you will follow |
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The reverse mortgage loan process involves several steps that both the lender and homeowner are required to follow in Kentucky.
These steps are designed to protect and educatate you so you can make the best informed desicion for your future.
Here are the steps you can expect to go through:
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| 1. Call us or fill in our 'Contact Us' form. |
| Once you submit the form or call us we will ask you a few questions and then route you to a loan officer. |
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| 2. Receive Upfront Education. |
| A loan officer will contact you to answer all your questions and help you pick a reverse mortgage loan product that is right for your situation. |
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| 3. Go to Counseling. |
| Financial counseling from an approved counseling agency will be provided. The agency in Kentucky will provide counseling in order to make sure that a reverse mortgage loan is truly your best option. |
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| 4. Application/Disclosure. |
| Fill out the appropriate loan applications we provide. |
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| 5. Processing. |
| As with any loan the home must be appraised and physically inspected. |
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| 6. Underwriting. |
| The loan after all the information is gathered must be approved. |
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| 7. Closing. |
| Sign the loan documents. |
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| 8. Disbursement. |
| You start receiving your checks. |
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| 9. Repayment. |
| The loan is repaid when you no longer live in the home as your principal residence. The loan may be repaid by you or your heirs/estate, with or without a sale of the home. The repayment obligation will never exceed the homes value or sale price. |
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Reverse Mortgage Loans Kentucky provides all the resources, tools and information to assist you in the process of buying a reverse mortgages. We will help you find a qualified mortgage specialist in your area to educate you. Reverse Mortgage Loans Kentucky facilitates matching you with a local brokers for reverse mortgages to ensure a successful loan. We have all the information you need to understand all the questions you may have about a reverse mortgages. For example, did you know that anyone aged 62 or over may meet the requirements to obtain reverse mortgages? Reverse Mortgage Loans Kentucky includes articles, frequently asked questions, and blogs with all the Reverse Mortgages questions and answers you can possibly think of. We encourage you to read our privacy policy and terms of use and hope that you enjoy using the Reverse Mortgage Loans Kentucky site.
Copyright 2007 HomeXperts, Inc. |
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| The Commonwealth of Kentucky is a state located in the East Central United States of America. Kentucky is normally included in the group of Southern states (in particular the Upland South), but it is sometimes included, geographically and culturally, in the Midwest. Kentucky is one of four U.S. states to be officially known as a commonwealth. Originally a part of Virginia, in 1792 it became the 15th state to join the Union. Kentucky is the 37th largest state in terms of land area, and ranks 26th in population. Kentucky is known as the "Bluegrass State," a nickname based on the fact that bluegrass is present in many of the lawns and pastures throughout the state. |
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