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Reverse Mortgages

AAFCU offers Reverse Mortgages for Refinance and Purchase.

Applying for a Reverse Mortgage is a little different than a regular mortgage, because the amount you can qualify for is primarily based on your age and the estimated value of your home.

 

 Getting Started:

The first step is to contact our Reverse Mortgage Loan Officer with your age and what you think your home may be worth.  

NOTE (Step two below, can be skipped if you simply want an idea of how much you could borrow, a breakdown of your loan options and an informational package on Reverse Mortgages)

Step two, verbally provide your income, assets and sufficient information to obtain a credit report. This new step is required because of the new Financial Assessment requirement on all Reverse Mortgages. You will not be liable for the cost of the credit report if you decide not to continue at any point. (The reason a credit report is obtained by the lender is to meet the criteria of the new Financial Assessment rules.)

Step three, your Loan Officer produces an information package to provide you a breakdown of your Reverse Mortgage loan options. The information package will include a list of counseling agencies to choose from to complete the required Reverse Mortgage counseling. A completion certificate is provided to you by the counselor which you provide to the lender.

Step four, a loan application is taken by your Loan Officer, only after your counseling certificate is received.  

Step five, your Loan Officer produces a package of disclosures for you to sign, and provides you a list of income and asset documents required (example; a copy of your most recent bank statement(s) and Social Security award letter, if applicable).  

Step six, your loan paperwork is then processed and an appraisal is ordered on your property. The entire loan process is typically completed in 30 days.

Please contact us with any questions about Reverse Mortgage or any other type of mortgage you maybe considering.

Click Here for Reverse Mortgage Frequently Asked Questions

Bill Sherman
Reverse Mortgage Loan Officer
Toll Free 800-223-1983 ext 1082
Direct 719-535-8726
bsherman@aafcu.com