Why Choose Morningstar Mortgage for your Reverse Mortgage needs?
Why Choose Morningstar Mortgage?Our Website: www.62homefree.com Being an expert in Reverse Mortgage Solutions for Seniors is much more complex than simply bei ...
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Mortgage and Lending |
RAINER 2,415 |
| Bill Gaffney | ||
| location_on Huntington Beach, CA — Morningstar Mortgage | ||
| insert_link http://www.62homefree.com | ||
| web Bill Gaffney's Reverse Mortgage Blog | ||
Get to Know Bill Gaffney
Visit Our reverse mortgage website at http://www.62homefree.comVisit our residential mortgage website athttp://www.morningstarmortgage.comReverse Mortgage Information CenterBeing an expert in Reverse Mortgage Solutions for Seniors is much more complex than simply being a licensed loan officer. To truly serve the needs of a senior by using a reverse mortgage, an understanding of more than the reverse mortgage itself is required. Estate planning, trust fund considerations, medical care planning and power of attorney issues are often involved. This makes the use of a true qualified professional extremely important. What are some of the benefits of a reverse mortgage? Strengthen your personal and financial independence. No Income Requirements: The homeowner does not need to be working and is not qualified based on income. You can never lose your home in foreclosure as long as you live in the home as your primary residence.The loan is only paid off when the house is sold by you or your heirs, or all borrowers move out of the house. Keep your Medicare or Social Security benefits. Use it as a credit line and draw upon it as needed. Get all your cash right away. Get the best of both—get cash now and have a balance in reserve to use as a credit line. Common Uses of a Reverse Mortgage Hospital and Health Care costs. The biggest potential burden to Seniors can be offset with funds from a Reverse Mortgage. Eliminate current mortgage payment burdens. Home Improvements or Repair. You can use the funds to turn your home into the dream home you always wanted. Reduce burden on children. If your children are helping support you, you can relieve them of the burden with a Reverse Mortgage. Gifts to heirs. You can help your children buy their first home, or send a grandchild to college. Peace of Mind. A Reverse Line of Credit can be used for any future emergencies. Click on the Reverse Mortgage Calculator to see a sample of what loan amounts and options you qualify for. What Can I Expect Throughout the Process Of Getting A Reverse Mortgage? The following is the typical procedure for obtaining a reverse mortgage. As always, we are available to answer any questions you have along the way. Just call us at 800-216-6322. 1) Initial Inquiry We will discuss with you (either over the phone or in person) your reverse mortgage options. We will provide a summary of available funds and instructions on how you may receive them. Our goal is to help you decide if a reverse mortgage is the right choice for you. If you choose, you may invite other family members or friends to attend the meeting and ask any questions they may have. It is important for everyone in the transaction to make an informed decision. All Reverse Mortgage Transactions with Morningstar Mortgage are reviewed by a Certified Mortgage Planning Specialist. 2) Reverse Mortgage Counseling This is really an “education session” to be sure that you completely understand the reverse mortgage and your options before you obtain the loan. The counseling is done by an approved agency and there is no cost and no obligation. The counseling can be done over the phone or in person, it’s your choice. A counseling certificate will be given to you, or mailed to your home. You’ll need to sign and date the certificate and we will collect it at the time of application since we need to send it along with the loan application package to the underwriter. Please remind your counselor to send a copy to Morningstar Mortgage at the conclusion of your appointment. 3) Application Either prior to or after counseling has been finished, we will meet to complete the application process. We will come to your home or you may come to our office. We will thoroughly explain all forms and answer any questions you may have. Once again, you may bring a family member or anyone else who is helping you with this transaction. At this point, if you have any concerns that may be better addressed or confirmed with a financial planner, estate planner, or attorney, our Certified Mortgage Planning Specialists will contact them and work together to insure you have the best financial plan in place. 4) Appraisal We will order an appraisal on your home from one of our approved appraisers. The appraiser will contact you directly to make the appointment. Please be prepared to pay the appraiser at the time he/she comes to your home. The fee will be verified prior to the appointment. The appraiser will prepare the report and send it to our processor. 5) Title Work At the same time the appraisal is being done, the title work is being completed by the title or escrow company. This is in preparation for the closing. The title company may call you with questions during the course of their work. Please provide any information they require as this will make for a smooth transaction. Of course, if you have questions, we are just a phone call away. 6) Underwriting Once the appraisal, title work and any other necessary information is received, the processor will submit the loan to underwriting. The underwriter’s job is to make sure that the loan file conforms to all applicable guidelines. Once reviewed and approved, it’s time for…… 7) Closing The title representative will come to your home and conduct the closing, or you may choose to come to our office, or the title company. This is when the legal documents for the reverse mortgage are signed. The title representative will explain all forms and answer any questions you have. After the closing, there is a three day right of recession mandated by the Federal Government. What this means to you is that on the fourth business day after closing the funds you requested will be available to you. The entire process typically takes 2-3 weeks from the time you begin, until closing. Of course you are under no obligation to proceed quickly, and you may take as much time as you need during any step in the process. 8) After closing We are here to answer your questions for as long as you have your reverse mortgage. You’ll receive periodic statements about your account showing the current balance, the interest rate in effect, and the amount of funds still available. There will be a customer service number that you may call, as well as other pertinent information about your loan. REVERSE MORTGAGE CALCULATOR
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Customers first
Customers first
Borrowers who are happy with the mortgage loan we helped them get are more important to us than anything else. Our goal is to make the loan process as simple and worry-free as possible. We pride ourselves in offering the highest level of customer service, and appreciate the opportunity to earn your business. Whether you want to refinance for a lower mortgage rate, get a new home mortgage, home equity loan or second mortgage, our purpose is to satisfy your needs. By putting you first, we assure you a pleasurable transaction.
Get fast answersAt our website you can find tools available to answer virtually any mortgage question. Trying to decide if now is a good time to refinance? Check out our Refinance Mortgage Calculator. Wondering if a new home equity loan or second mortgage can lower your monthly payments? Use our Debt Consolidation Mortgage Calculator! Confused by all the loan programs from which to choose? Our Loan Program page will help you find the right type of loan for you. Also, we'll be happy to prepare a personalized mortgage quote for the home mortgage program of your choice.
About UsPutting Customers First
We pride ourselves on providing superior customer service and creating satisfied customers. We work hard to satisfy the mortgage needs and exceed the expectations of our customers.
Lower Mortgage Costs Through Cutting-edge Mortgage Origination TechnologyOur customers save money and close their loans quickly because we employ the most advanced mortgage technology available. In a rush? We welcome you to try our mortgage calculators! The Internet, advanced mortgage processing software, and automated mortgage underwriting systems are coordinated to speed the mortgage process and deliver the best rate and terms.
Highest Quality Mortgage ServicesFrom mortgage processing and underwriting, to loan closing and funding, our expert mortgage staff will efficiently expedite your entire transaction. We'll keep you informed every step of the way. We're committed to building rewarding, long-term customer relationships. With that in mind, you'll receive the highest quality mortgage services.
Meeting Every ChallengeWe rapidly respond to new opportunities made available in today's dynamic mortgage markets. As a result, the requirements of our mortgage customers are consistently met through mortgage underwriting flexibility and delivery of unique mortgage programs. We often identify niche mortgage programs that are essential to satisfying individual mortgage customer needs.
An Overview of the Loan ProcessA properly documented loan application makes your loan process go smoothly. This checklist will help you gather your paperwork.
Complete and sign the residential loan application, Form 1003, and the attached loan info sheet, credit authorization and fair lending notice. Page 5 of the application is a continuation page in case you need additional space for your assets or liabilities. If you make a mistake while filling out the application cross it out, and make a change. Do NOT use whiteout. If you are salaried: provide W-2's for the previous two years and one month of paystubs. If you are self-employed, provide tax returns for the previous two years, including all schedules, and a YTD profit and loss statement. (Note: provide copies of all requested documents. Do not provide original documents.) If you own rental property, provide recent rental agreements and tax returns for the previous two years, including all schedules. To speed up the approval process, provide bank statements for the most recent three months, and recent statements for stock, mutual funds and IRA/401K accounts. If you are requesting a cash out refinance, provide a letter explaining how you will use the refinance proceeds. If applicable, provide a copy of your divorce decree and settlement agreement. If you are NOT a US citizen, provide a copy of your green card (front & back). If you are NOT a permanent resident provide a copy of your H-1 or L-1 visa. If any borrower has filed bankruptcy, provide the Discharge Notice, Filing and Schedule of Creditors. If you are applying for a home equity line of credit or loan (second loan), also include your first mortgage note. (This should be with your closing loan documents.) Get QualifiedGetting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.
Being pre-approved will:
Inform you of your maximum affordable home value, and save you from previewing properties outside your price range. Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved. Help you close quickly, since your loan is pre-approved. Shop Loan Programs and RatesWhat loan program is best for your situation? Lenders offer many different loan options:
Think about how long you plan to keep the loan. If you plan to sell your home in a few years, you may want to consider an adjustable rate or balloon loan. If you plan to keep your home for a longer time, you may want to consider a fixed rate loan. Understand the relationship between rates and points. Points are considered prepaid interest and may be tax deductible. Each point is equal to 1 percent of the loan. For example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower your rate. Compare different loan programs. With so many programs to choose from, it's hard to figure out which program is best for you. Consult an experienced loan officer who can help you find a loan program that best fits your short- and long-term plans. Obtain Loan ApprovalOnce your loan application has been received, we will start the loan approval process immediately. This involves verifying your:
Credit history Employment history Assets including your bank accounts, stocks, mutual fund and retirement accounts Property value Based on your specific situation, additional documents or verifications may be required.To improve your chances of getting a loan approval:
Fill out the loan application completely. Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date. Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us. Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf. Notify your loan officer before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval. Close the LoanAfter your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public. Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally NOT accepted. Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify the accuracy of the name and address on the loan documents. Sign the loan documents. The notary will require that you have your picture ID with you. Some lenders also require to see your Social Security card.Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you have three days to review the documents before your loan transaction can close. Purchase transactions do not have a three day rescission period.
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An expert in Reverse Mortgage Solutions for Seniors, I serve the needs of a senior by using a reverse mortgage, and give the senior understanding of more than just the reverse mortgage itself.