Reverse mortgages are a powerful tool and help seniors obtain tax-free cash flow and to enhance their retirement lifestyle.

"When Experience Counts"

Virginia will come to your home for a private consultation to discuss your needs and find out what a reverse mortgage can do for you.
Learn How a Reverse Mortgage Works. How to qualify for a Reverse Mortgage.

719-520-3326 Direct

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Virginia offers specialized knowledge about aging and the important health, financial and social issues that affect the majority of seniors.

         How Does A Reverse Mortgage Work?

 

I will be happy to meet with you at your convenience and review all the loans programs available to you. Usually, our first meeting will be about an hour, and feel free to ask your family or trusted advisor to join us if you’d like. This is a “get to know” each other session, and a chance to find out specifics about how a reverse mortgage works and what it can do for you.

 

If you would like to make an appointment please don't hesitate to call me at: 719-520-3326.

 

Contact Virginia Berry to discuss how reverse mortgages work and current reverse mortgage rates.
Virginial will supply you with a reverse mortgage counseling agency list and how to get your FHA/HUD required certificate.

“I would recommend  Virginia to everyone who is looking at a reverse mortgage.  She helped me understand how this worked and made it easy for us.  She is a great lady.”

Ted and Jessica, Brighton, CO

 

 

“We enjoyed working with you and will definitely recommend you to our friends.”

Joanne and John, Pueblo, CO

 

 

“It was frustrating to deal with the counselor that is required to obtain the loan, but Virginia handled everything PERFECTLY!!!”

Donna, Florissant, CO

8 Simple Steps to Get Your Reverse Mortgage

 

1. Initial Call for Information - Learn How a Reverse Mortgage Works

 

I will speak with you about the reverse options that are available to you.  Remember that reverse mortgages are based off of your age (and spouse’s age), the value of your home, and the current interest rates.

 

At this time, I will set up a meeting with you (and your family members if you desire), to go over all the details involved with this loan, and to answer any questions you might have about how a reverse mortgage works.

 

2. HUD/HECM Counseling

 

This is an education session to be sure that you completely understand the reverse mortgage and your options before you obtain the loan. The counseling is done by an approved agency, either face to face, or via phone. I will supply you with a list of approved agencies in Colorado. This is a mandatory requirement for all seniors who receive a reverse mortgage. There might be a charge for this counseling, depending on your financial status. After the approximate one hour session, you will receive a counseling certificate that needs to be signed and dated so that I may complete your loan application.

 

3. Application

 

I can take your reverse mortgage application prior to counseling, or after you have received counseling, but if taken prior to, I will hold the application until receipt of your signed and dated counseling certificate. This is an FHA/HUD requirement. I will personally go over all of the initial application and answer any questions you might have.

 

4. Appraisal

 

I will order an FHA appraisal on your home from one of our approved appraisers. The appraiser will contact you directly to make the appointment. In approximately a week after the appraiser has viewed your home, I will receive his completed appraisal evaluation. It is at this time, that if repairs are called for, we will discuss the various ways to handle this issue. Often times, a bid from a local, licensed, contractor will be sufficient to complete your reverse mortgage loan, and you will have approximately 6 months to get required repairs completed. REPAIRS, (if not structural, or hazardous) can be completed AFTER your reverse loan closes.

 

5. Processing Your Loan

 

Your reverse mortgage loan will be processed locally. I will be ordering your title work on your property, as well as in file credit report, and flood certificate. This is all required documentation by FHA/HUD to complete you loan.

 

6. Underwriting

 

Once I have received your appraisal, title work, credit and flood certificates, I will submit your loan to underwriting. The underwriter’s job is to make sure that the loan file conforms to all applicable FHA/HUD guidelines. Once completed, I am notified with a “clear to close”.

 

7. Closing

 

This is the final stage of the reverse mortgage process, and the BEST!!! I will call you approximately a week before closing to ask you, again, exactly how you would like to receive the funds that are available to you. I will order the closing package, and we will meet to sign all the final legal documents. After the closing, there is a three day right of recession mandated by the Federal Government. What this means is that AFTER you have signed all the final closing papers, you have the right to change your mind within a three day period, no questions asked.

 

After the full three days have passed, on the fourth business day the funds you requested are available to you . . .

 

8. After Closing

 

With most all of the investors I am currently working with you will receive a monthly statement on your account. This will show you how your funds are being disbursed to you, or how your line of credit is growing etc.

I truly hope that this information has helped you understand how a reverse mortgage works.  Although it may be new to you, it really is a simple process.

 

For Your Private In Home Consultation,

Call Virginia Berry Today at 719-520-3326

 

“When Experience Counts”  Find Out What a Reverse Mortgage Can Do for You

 

**These materials are not from HUD or FHA and were not approved by HUD or a government agency.

 

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Regulated by the Colorado Division of Real Estate

Licensing: Colorado: LMB100018988 | Nationwide Mortgage Licensing System and Registry: #253702 | Company NMLS 1223741

Address of Corporate Office: 4520 Tierra Rojo Dr. Colorado Springs, CO 80926 | Copyright  © 2008-2014 Virginia Berry, CSA