![]() Line of credit: Money is available for the homeowner to borrow as needed.Term payments: The lender gives the borrower equal monthly payments for a set period of the borrower’s choosing, such as 10 years.Equal monthly payments (annuity): For as long as at least one borrower lives in the home as a principal residence, the lender will make steady payments to the borrower.The other five have adjustable interest rates. ![]() This is the only option that comes with a fixed interest rate. Lump sum: Get all the proceeds at once when your loan closes.is licensed in all 50 states and the District of Columbia. Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820 Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance Licensed by the New Hampshire Banking Department Licensed by the NJ Department of Banking and Insurance Licensed Mortgage Banker – NYS Department of Financial Services Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000 Rhode Island Licensed Lender #20142986LL Registered Mortgage Banker with the Texas Department of Savings and Mortgage Lending, and Licensed by the Virginia State Corporation Commission #MC-5521. Hawaii Mortgage Loan Originator Company License No. AZ #0903132 Colorado regulated by the Division of Real Estate Georgia Residential Mortgage Licensee #15438 Mortgage Servicer License No. Licensed by the Department of Financial Protection and Innovation (DFPI) under the California Residential Mortgage Lending Act No. dba CMG Home Loans dba CMG Financial, NMLS ID# 1820 (is an equal housing lender. At closing, you will sign the necessary papers and receive the funds from your Reverse Mortgage!ĬMG Mortgage, Inc. When your loan is ready to close, we will arrange for a notary public to come to you and finalize the loan documents. Provide your processor any additional information requiredĪfter your loan is approved, your underwriter may request some additional documentation, which your processor will collect from you.We will submit your loan to underwriting where the documents are reviewed, finalized, and prepped for closing. Submit all necessary documents and await approval.At CMG, there is no out of pocket expense for the appraisal, the cost will be rolled into your other closing costs. Once your application is complete, we will submit it and order the appraisal. Once counseling is complete, your loan officer will help you complete your application. Your loan officer will create a personalized loan proposal with multiple options from which you can choose.Ĭhoose from a list of independent, third-party, FHA-approved counselors and attend a Reverse Mortgage consultation with them. Talk through personalized loan proposal.If you haven’t connected with one of our amazing loan officers yet, head to to find your perfect match! Our licensed reverse mortgage specialists will work with you to personalize your experience and ensure that you have all of the information necessary to make the right decision for you and your family! There are seven main steps in the reverse mortgage process. The loan process for a reverse mortgage is slightly different than other loans. This ad is not from HUD or the FHA and was not approved by HUD or any government agency. You will also be required to continue paying for your homeowners insurance, maintenance & any other fees like HOA dues, etc. Has sufficient equity (if you’re not sure, ask us!).2-4 unit single-family property, PUD, townhome, or condo.Just like other home loans, Reverse Mortgages require that you and your home meet certain requirements. Retain complete ownership of your home!.Eliminate your monthly mortgage payments (Borrower still responsible for taxes and insurance), increase monthly cash flow, and reimagine the possibilities of retirement with a Reverse Mortgage. No more crunching numbers, no more figuring out the finances of retirement. Now it’s time to make that equity work for you! A Reverse Mortgage helps homeowners ages 62+ take advantage of their home equity to retire with more financial freedom and flexibility. You’ve worked hard to build the equity in your home.
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