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Here at King Reverse Mortgage, the process is easy and straightforward. The first step is to get you a quote from one of our reverse mortgage investors. Simply complete your details on the Get Quote form and we will prepare your proposal for you to review. We will email these to you or we can also mail them to your home via regular mail if you don't have access to email. To see a sneak peek of what we will prepare for you, please scroll through these sample documents. This is just a portion of a loan proposal which was prepared earlier this year for someone interested in a reverse mortgage.
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The next step will be for you to have a consumer information session with a HUD approved reverse mortgage counselor. These sessions are required, and it can be done face to face or over the telephone with the counselor. In your documents will be a list of numerous HUD approved counselors which you may contact. Your documents include a special code which you can give the counselor that will allow him to look up your HECM documents and walk you through them. They will help answer any questions that you may have about your reverse mortgage proposal.
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Once you have completed this session, there is a short application which you can do here at KRM over the phone. An appraisal on your home will be ordered, and this cost is the only out of pocket cost you will incur here. It will not be ordered until all loan processing conditions on your loan approval have been cleared by us here at KRM. Depending on the lender we send your application to, the underwriter may condition your loan for certain items and we will make sure that you will have no issues in providing the requested items before we order your appraisal.
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