Loan Process

Our goal is to help you make the right decision at the time of Education and Qualification and after Counseling. By the time you take an application you should feel confident in your decision to proceed. While your Advisor will work hard move your process along as timely as possible for efficiency, you are never obligated, at any stage through underwriting, to close the loan.

Common Questions About The Process

How long does it take to get a reverse mortgage?

A typical loan process from the time we take your application to closing is 6-7 weeks. Sometimes loans can take much longer. This usually depends on you and the condition of your property. If you want to move it along quickly, we can actually close a reverse mortgage in as little as 3-4 weeks if there are no problems with things like the Title repot or Trust issues. If the property appraisal requires any fixes, such as a damaged deck, or problems with a foundation, it can take longer to get these things resolved.

What costs will I incur to get this loan?

You will incur total non-refundable out of pocket charges for HUD Counseling and an appraisal. Springwater Capital will only ask you for authorization to pull credit at the time of our first meeting but will not ask you to pay for this charge unless the loan closes. The law prohibits collecting any other fees until after you have met with a HUD Counselor. HUD Counseling fees range from $100-$150, depending on the agency. That fee can be billed to closing or paid by you during the session. At the time of application you will sign an authorization to charge your credit card for an appraisal. Appraisal fees vary by state, home size, and can range from $450 to $750. You are only charged for the exact amount. The appraisal is key to determining what you can get and where your property is eligible.

Can I back out of the loan after it closes?

On a refinance you have 3 business days after signing to change your mind. The loan will not settle officially until after this period. No fees will be charged. This does not apply to purchase loans.

When do we get our money?

On the day of closing you will elect the type of disbursement you prefer such as term, tenure, or cash now. You will receive your first check on the 1st of the month following closing. You can change the election any time afterward.

Loan Process

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