If you are planning to apply for a reverse mortgage, here are some steps you will need to follow:

1. Do your research and work with a company experienced in reverse mortgages, like Fairway Independent Mortgage Corporation. Our Reverse Mortgage Planners will review your individual financial situation to help determine which reverse mortgage product is right for you.

2. Every person that applies for a reverse mortgage must receive independent third-party counseling from a HUD-approved counselor. The counseling session will cover the basics of reverse mortgages and help you determine if this is the right financing option for you.

3. The next step in the process is signing your reverse mortgage application and providing your Reverse Mortgage Planner with the supporting documents needed to start the file. Your Reverse Mortgage Planner will pull your credit report, have your application prepared and then meet with you to go over and answer any questions you may have. They will also supply you with a list of additional items needed to qualify your loan.

4. After you sign the application and provide supporting documentation, the processing of the loan will get started. At this time, we will order an appraisal, title report, tax history and flood certification. The processing department will review all documentation as it comes in and prepare the file for underwriting. Your Reverse Mortgage Planner or a member of their production team will keep you informed of the status and reach out to you if they see any delays in your loan.

5. Once processing receives all the required documentation on your file, it will be sent to an underwriter, who will issue loan decision. We will communicate if any conditional items are needed for loan approval at this time.

6. When the underwriter has approved the loan for closing you and your Reverse Mortgage Planner will need to determine how you would like your loan proceeds dispersed based on these below options:

  • Lump sum payment
  • Monthly cash flow payments
  • Line of credit
  • Combination of the above options

 

7. An appointment time and date will then be set up for you to meet with the title company and sign your closing docs.

8. Three business days after closing your loan will fund based on the payment plan you selected.

9. Your reverse mortgage will not have any required monthly payments, you must still pay taxes and insurance and maintain the home. The reverse mortgage will only become due for the following reasons:

  • The home is no longer your primary residence
  • The home has sold
  • The borrower passes away

 

10. If death does occur, the loan can be repaid from the sale of the home or refinancing the existing reverse mortgage. Equity in the home will belong to the heirs or the estate. The heirs need to contact the servicer after the passing to make arrangements with servicer on settling the reverse mortgage.

Rick R. Rodriguez

Rick R. Rodriguez

Rick R. Rodriguez has been in mortgage sales and management since 2003 and has held positions as loan originator, sales manager, production manager, and branch manager. He is well-versed in all types of mortgage products, and over his career, he has been recognized as an accomplished and trusted professional.

In 2004, after completing his first reverse mortgage transaction, Rick took the steps to focus primarily on this kind of loans and become a specialist in the industry. In February 2016, he became the first person in Southern Nevada and the 117th in the nation to obtain the designation of Certified Reverse Mortgage Professional (CRMP®).

As a CRMP®, Rick has extensive experience in all available reverse mortgage products, including the Home Equity Conversion Mortgage (HECM) refinance, HECM to HECM refinance, HECM for purchase and jumbo reverse mortgage. His clients benefit from his financial qualifications, meticulousness, effective communication skills, and years of experience working with reverse mortgages. He has the proven ability to explain the reverse mortgage to help others understand the process.

Pushed by his passion for reverse mortgages and his commitment to the industry, Rick spends his time working with homeowners, realtors, healthcare professionals, and various other individuals and organizations to lay out the role reverse mortgages have in real estate and retirement planning.

“A reverse mortgage should be, at the very least, considered by every homeowner over the age of 62. The flexibility that this program offers can be life-changing as well as an effective counterpart to retirement planning. I always welcome the opportunity to speak with clients about a reverse mortgage, and to help them determine if it may be the right option to meet their financial and housing needs.”

Rick is a Las Vegas native, and he holds a BSBA in Accounting from the University of Nevada Las Vegas. After graduating college, he worked for a local Certified Public Accounting firm before moving into the mortgage industry. He enjoys spending time with his loved ones, traveling, exploring the outdoors, playing various sports, and above all helping his wife raise their family.

Jesse Brewer

Jesse A. Brewer

Jesse A. Brewer (NMLS# 473359) is a veteran professional in the industry with extensive background in reverse mortgage origination, sales management, and production center management. He currently specializes in reverse mortgage origination at Resolute Bank working directly with homeowners, real estate professionals, financial specialists and healthcare providers to inform them of this type of loan’s flexibility and practical applications—helping homeowners improve their retirement economic outlook.

Jesse began his career in 2001 with a mid-sized Boston-area bank, before moving to Las Vegas in 2006 to focus on mortgage origination. In 2008, he joined a local reverse mortgage lender, where he became, in two years, the top-producing reverse mortgage loan officer.

Jesse then moved into sales management, a role which he held for several years, before becoming vice president, national sales manager, and reverse mortgage division head running Proficio Mortgage Ventures, LLC, based in Henderson, NV. As division head, Jesse used his innate leadership and team-building expertise to propel a small sales team into a national production center in the bank’s reverse mortgage division.

Jesse is dedicated to making the industry approachable by being an active speaker, educator, and relationship builder within the banking and mortgage community. Clients compliment his ability to simplify the reverse mortgage process with solutions that lead to life-changing outcomes.

“The reverse mortgage is a powerful financial tool that should be evaluated by anyone considering retirement options. I always look forward to helping clients understand the flexibility of the program and how it can be utilized to provide for a more comfortable standard of living through retirement.”

Jesse holds a degree in Business Administration Management from Massachusetts Fitchburg State University. He enjoys sports and outdoor activities with his wife, Virginia. He played football at FSC followed by playing rugby for over a decade, that included winning a National Championship in 2010.

 

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