Page 15 - WSAAG052_Your Guide Booklet
P. 15
The Reverse Mortgage Process
I will lose my house if I exhaust
my loan funds. Call Today
No. You cannot lose your home as long as you A licensed reverse mortgage professional will
continue to comply with your loan terms, such as help you assess whether a reverse mortgage
maintaining your home and paying your property or another home equity solution can help you
taxes and homeowners insurance. achieve a better retirement.
I will be restricted on how I can use my Counseling and Application
reverse mortgage proceeds. A HUD-certified counselor will help you
No. You can use the proceeds for almost understand how a reverse mortgage works
any purpose. and evaluate whether the loan is a good
fit for your situation.
I will be taxed on my loan amount.
Processing and Approval
No. Because a reverse mortgage is a loan, After your home appraisal has been completed,
your proceeds are not taxed. it will be attached as part of your loan application
and submitted for underwriting review.
Closing
If all underwriting conditions have been met, a
Pick up the phone closing agent will contact you to sign the final
and call us today. documents and discuss any funding questions
you might have.
Your Guide to a Better Retirement 15
