Page 1 - AAG061_RM Loan Process Checklist
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Home Equity Conversion Mortgage (HECM)

                                    Loan Process Checklist







        If you have any questions during any part of the
        process please contact your local professional!











                                                                              -Tom Selleck
                                                                      AAG Paid Spokesperson





        c    Talk with Your Local Professional                   c    Processing of Your Loan

            3   Discuss whether or not the HECM loan will            3   This is where the nuts and bolts of the loan take


              accomplish your goal(s).                                 place. If anything additional is needed, one of our
                                                                       processors may reach out to you for help.
        c    HUD Approved Counseling
                                                                 c    Closing of Your Loan
            3   You will be provided a list of HUD-approved

              counselors.                                            3   Once your loan has been approved it will move to the

            3     You may attend in person or over the phone.          closing department. Your local professional will reach

                                                                       out to you to schedule the date, time and location to
                                                                       sign your closing documents.
        c    Application
            3      You will be provided with a copy of everything you   c      Funding of the Loan

               sign during this process.
                                                                     3   Your closing documents will be reviewed for any

            3   Attached is a list of everything your local professional   errors. If there are any errors someone from the

              will need to collect at the time of application.         funding department will reach out for corrections.
                                                                     3   When all closing documents have been approved,

        c    Submission of Your Loan Application                       your loan will fund and you will never have a
                                                                       mortgage payment as long as you live in your home
            3     Our opening department will start working on your

              loan as soon as the application and signed counseling    and comply with all loan terms, including paying
              certificate are submitted.                               taxes, insurance and maintenance expenses.

            3         You will receive a Welcome Call from one of our   c

              professionals to ensure you experience the highest     Servicing of Your Loan
              quality service here at AAG.                           3   Once your loan has funded, it will move to our

                                                                       servicer within about 90 days.
        c    Appraisal                                               3   You will receive a booklet from servicing with contact

                                                                       information and other important information as well
            3     An independent, third party, appraisal company will   as a monthly statement with your loan details.

              be contacting you to schedule your appraisal.
            3     Please have a credit card number handy for them to

              charge the appraisal fee.


                                                                                                                  AAG061
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