1st Continental Mortgage
10451 Mill Run Circle
Suite 400
Owings Mills, Maryland 21117
Phone: (410) 356-8831
Toll Free: (888) 363-6080
How the Process Works
Like any other financial transactions, getting a reverse mortgage involves a number of steps designed to protect both you and the lender. Here are the steps you can expect to go through when you apply for your reverse mortgage with 1st Continental Mortgage:
- Initial Discussion
The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you’d like to know about. Then you decide whether you want to take the next step.
- Counseling
If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there’s been no confusion. It’s a protection device that the government has built into the process of obtaining a reverse mortgage.
- Appraisal
Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
- Inspection
In many cases an inspection is required to make sure that the home is structurally sound and that there’s no extensive termite or dry rot damage.
- Underwriting
After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.
- Closing
The final step is the closing where you receive the money, or proceeds, from your reverse mortgage.
Your Reverse Mortgage Advisor
Herbert M. Fisher, Jr.
Branch Manager
Herbert M. Fisher, Jr.
Branch Manager
Contact Us
REVERSE MORTGAGE
Fast Facts
- All borrowers must be 62 years or older.
- No repayment is made until the home is sold or the owner permanently moves out or passes away.
- You will never owe more than the current market value of your home.
- No income qualification.
- Interest is paid at the time the loan is repaid.
- When the loan is due, your heirs have choices – they can repay the loan and keep the house, or sell the home and repay the loan.
- Social Security benefits and Medicare are generally not affected by a reverse mortgage – consult appropriate government agencies.
- You own your own home – the lender does not take control of the title.
- Interest rates are adjustable and can change periodically; however, this DOES NOT effect the amount you will receive.
- Closing costs and fees incurred can be financed as part of the loan.
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