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| Steps you will follow |
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The reverse mortgage loan process involves several steps that both the lender and homeowner are required to follow in New Mexico.
These steps are designed to protect and educatate you so you can make the best informed desicion for your future.
Here are the steps you can expect to go through:
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| 1. Call us or fill in our 'Contact Us' form. |
| Once you submit the form or call us we will ask you a few questions and then route you to a loan officer. |
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| 2. Receive Upfront Education. |
| A loan officer will contact you to answer all your questions and help you pick a reverse mortgage loan product that is right for your situation. |
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| 3. Go to Counseling. |
| Financial counseling from an approved counseling agency will be provided. The agency in New Mexico will provide counseling in order to make sure that a reverse mortgage loan is truly your best option. |
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| 4. Application/Disclosure. |
| Fill out the appropriate loan applications we provide. |
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| 5. Processing. |
| As with any loan the home must be appraised and physically inspected. |
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| 6. Underwriting. |
| The loan after all the information is gathered must be approved. |
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| 7. Closing. |
| Sign the loan documents. |
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| 8. Disbursement. |
| You start receiving your checks. |
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| 9. Repayment. |
| The loan is repaid when you no longer live in the home as your principal residence. The loan may be repaid by you or your heirs/estate, with or without a sale of the home. The repayment obligation will never exceed the homes value or sale price. |
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Get the reverse mortgages loan information and resources to guide you through the process of buying a reverse mortgage loan through Reverse Mortgage Loans New Mexico. We will help you find the best educational information, important links to external reverse mortgages resources, like the NRMLA and HUD and the top mortgage professional specializing in reverse mortgages. Reverse Mortgage Loans New Mexico will help you through the reverse mortgage loan process to ensure a successful loan by connecting you with local mortgage brokers. This "one stop" Reverse Mortgages website has all the frequently asked questions you will ask, articles and a blog with relevant current news. If you or a loved one are aged 62 or over, find out if you meet your mortgage requirements and review the steps you will take if you decide to start the reverse mortgage loan process by getting the facts about reverse mortgages. We encourage you to read our privacy policy and terms of use and hope that you enjoy using the Reverse Mortgage Loans New Mexico site.
Copyright 2007 HomeXperts, Inc. |
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| The State of New Mexico is a state in the southwestern region of the United States of America. Over its relatively long history it has been inhabited by Native American populations and has been part of the Imperial Spanish viceroyalty of New Spain, part of Mexico, and a U.S. territory. Among U.S. states, New Mexico has simultaneously the highest percentage of Hispanic Americans (comprised of both recent immigrants and descendants of Spanish colonists) and the second-highest percentage of Native Americans after Alaska (mostly Navajo and Pueblo peoples). As a result, the demographics and culture of the state are unique for their strong Spanish, Mexican, and American Indian cultural influences. The climate of the state is highly arid and its territory is mostly covered by mountains and desert. |
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