The Province Mortgage Associates Reverse Mortgage Process
Steps to obtaining a Reverse Mortgage
STEP 1 — Information
Gather all of the information you can for Province Mortgage Associates.
You are doing that now! Before you know whether or not a Reverse Mortgage is right for you, you must educate yourself about what they are and how a Reverse Mortgage from Province Mortgage Associates will work for you.
Many seniors consult with their loved ones before making the decision to go forward. Province Mortgage Associates is here to help with this essential first step and we will be happy to meet with you and your family member or trusted advisor. Learn from this website and from the links to other websites on our Resources page, then give us a call.
STEP 2 — Application
Prepare a Reverse Mortgage Application specific to your needs.
Depending on what is best for you, a Province Mortgage Associates representative will either visit you in your home or you may visit us at our conveniently located RI, MA and CT offices to prepare an application and other disclosures to read and sign. We will discuss your needs and the benefits of a Reverse Mortgage in a “no pressure” environment.
You will receive a copy of the application and sample loan documents from your Province Mortgage Associates specialist. We request a copy of your photo ID and social security or Medicare card and the name and phone number of your homeowner's insurance agent. If you have an existing mortgage to be paid off, Province Mortgage Associates will need the name of the lender and loan number. If you have a living trust, we will need a complete copy of the trust.
Province Mortgage Associates can do loans with current mortgages in place, property in trust and properties that are held with “life use.” Give our specialists a call to discuss your specific situation.
STEP 3 — Counseling
Talk to an authorized counselor.
You must fulfill the mandatory counseling requirement before you can obtain a Reverse Mortgage. This is a one time session which will take from 30 minutes to one hour depending on how many questions you have.
Your Province Mortgage Associates representative will help you select an authorized counselor. You may visit this counselor or have your meeting by telephone. You will learn about the programs that the Province Mortgage Associates specialist had discussed with you.
At the conclusion of this meeting, you will receive a certificate stating that your counseling is complete. You will need to sign this certificate and send to us. This is an easy but neccessary step in this process that protects you and gives you an opportunity to clarify any issues.
STEP 4 — Appraisal
We will arrange for an appraisal of your home.
The appraiser will call you to make an appointment for a time that is convenient for you. The appraiser will submit his appraisal of your home to Province Mortgage Associates and we will provide a copy for you.
The value of your home as determined by that appraisal will help determine the amount of money you will actually receive.
STEP 5 — Approval
Receive approval from a HUD endorsed underwriter.
When we have all of the necessary documentation, we will submit the Reverse Mortgage package for approval to our HUD endorsed underwriter. When the loan is approved, Province Mortgage Associates will verify with you how you want to receive payment of your loan and we will arrange for a meeting at your home to sign the loan documents.
STEP 6 — Funding
Receive payment of your loan.
After you sign the Reverse Mortgage loan documents, there is a mandatory three business day waiting period during which time you may still cancel the loan. After the waiting period, if you choose not to cancel, you will receive payment of your loan as you requested. Your Province Mortgage Associates specialist will go over all of the details with you.
STEP 7 — Enjoy!
Enjoy the peace of mind that comes from financial independence.
Call for more information or complete our Reverse Mortgage Questionaire to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation. Our handy Reverse Mortgage Comparison Chart is also available for your convenience.