On the Path to a Reverse Mortgage Loan? These are the Steps you can Expect.
This reverse application steps list is meant to help borrowers set their expectations of the reverse mortgage loan process. Whether you’re actively considering a reverse mortgage loan as a solution to immediate financial challenges or as part of your retirement plan, we encourage you to review the steps shown below in order to prepare for the journey ahead.
If you are interested in seeing what you may qualify for, use our reverse mortgage calculator to get a no obligation estimate or give us a call at (425) 455-8466
As a BBB A+ Rated Lender you can depend on us for accurate information and superior service.
Get started now to see how much you may qualify for!
Important Disclosure
(1) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and
(2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees;
(3) the loan balance grows over time and interest is charged on the outstanding balance;
(4) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds;
(5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.
Privacy Policy
Introduction
Golden Heritage Financial (“Company” or “We”) respects your privacy. This Privacy Policy describes the types of personal information we may collect from you or that you may provide when you visit the website https://wa-mortgage-reverse-calculator.com, our related sub-domains https://*.wa-mortgage-reverse-calculator.com, mobile applications, and other data collection points that reference this Privacy Policy (collectively, the “Sites”). Other privacy principles, policies and notices could apply depending on how you interact with us, the financial products or services you may ultimately obtain from us, or the jurisdiction in which we are doing business with you.
Please read this Privacy Policy carefully to understand our policies and practices regarding your personal information and how we will treat it. If you do not agree with our policies and practices, your choice is to not use our Sites. This policy may change from time to time, so please check the policy periodically for updates.
Children Under the Age of 13
Our website is designed for a general audience and is not directed to children under 13 years of age. We do not knowingly collect or solicit personal information from children under 13. If you are under 13, do not use or provide any personal information on this website or on or through any of its features, do not use any of the interactive or public comment features of this website or provide any personal information about yourself to us. If we become aware that we have collected or received personal information from a child under 13, we will promptly delete that information from our records. If you believe we might have any information from or about a child under 13, please contact us at privacy@wa-mortgage-reverse-calculator.com.
Personal Information We Collect About You and How We Collect It
We may obtain the following types of personal information when you choose to provide it through our Sites:
Contact information, such as your name, company name, mailing address, email address, and phone number;
Demographic information, such as your age, date of birth, mortgage balance, and home value;
Log-in credentials, such as your username and password;
Geolocation information and information about your usage of our mobile app;
Personal information gathered on behalf of our customers relating to their business processes, employees, vendors, and applicants; and
Any other personal information in content you provide on our Site.
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When you visit our Site, we may collect certain information by automated means, such as cookies and web beacons. A “cookie” is a text file that websites send to a visitor’s computer or other Internet-connected device to uniquely identify the visitor’s browser or to store information or settings in the browser. A “web beacon”, also known as an Internet tag, pixel tag or clear GIF, is a tiny graphic image that may be used on our Sites. The information we obtain in this manner includes IP address, browser characteristics, device characteristics, operating system, language preferences, referring URLs, information on actions taken on our site, and dates and times of website visits. We also may obtain “clickstream data,” which is a log of content on which a visitor clicks while browsing a website. As the visitor clicks through the Site, a record of the action may be collected and stored. Your browser may tell you how to be notified when you receive certain types of cookies or how to restrict or disable certain types of cookies. Please note, however, that without cookies you may not be able to use all of the features of our Sites.
Collection of Data by Advertisers
We may also use third parties to serve ads on our Sites or to manage our advertising on other sites. Certain third-party partners may automatically collect information about your visits to this and other websites, such as your IP address, your ISP, and the browser you use to visit our Sites. They do this by using cookies, pixel tags or other technologies. Information collected may be used, among other things, to deliver advertising targeted to your interests and to better understand the usage and visitation of our Sites and the other sites tracked by these third parties. This policy does not apply to, and we are not responsible for, cookies or pixel tags in third-party ads, and we encourage you to check the privacy policies of advertisers and/or ad services to learn about their use of cookies and other technologies.
Third-Party Analytics Services
We may use third-party web analytics services on our Sites, such as those of Google Analytics. The analytics providers that administer these services use technologies such as cookies, web beacons and web server logs to help us analyze your use of the Sites. To learn more about Google Analytics and how to opt out, please visit https://policies.google.com/technologies/partner-sites.
Our Site is not currently designed to respond to “do not track” signals received from browsers.
How We Use Your Personal Information
We may use the personal information that we collect for various purposes, including the following:
To present our Sites and their contents to you.
To provide and enhance our products and services.
To provide you with information, products or services that you request from us.
To fulfill any other purpose for which you provide the information.
To create and manage your account;
To assess your eligibility for, administer and service a loan;
To communicate with you about, and administer your participation in, surveys, events, programs, contests, promotions and other offers;
To respond to and communicate with you about your requests, questions and comments;
To manage career opportunities; • To comply with and enforce applicable legal requirements, relevant industry standards and our policies.
To carry out our obligations, comply with relevant industry standards, and enforce our policies and our rights arising from any contracts entered into between you and us, including for billing and collection.
To notify you about changes to our Sites or any products or services we offer or provide though it.
To operate, evaluate and improve our business (including developing new products and services; managing our communications; determining the effectiveness of our sales, marketing and advertising; analyzing and enhancing our products, services and Sites; and performing accounting, auditing, billing, reconciliation and collection activities).
To perform data analyses and other processing (including market and consumer research, trend analysis, financial analysis, anonymization, encryption and tokenization of personal information).
To protect against, identify and prevent fraud and other criminal activity, claims and other liabilities.
In other ways we may describe when you provide the information.
For any other purpose with your consent.
We also may use your personal information to contact you about our own and third-parties’ goods and services that may be of interest to you. If you do not want us to use your personal information to receive marketing emails, please follow the instructions in the email to opt out or contact us at privacy@wa-mortgage-reverse-calculator.com
Disclosure of Your Personal Information
We may disclose aggregated information about our users, and information that does not identify any individual, without restriction. In addition, we may disclose personal information that we obtain or you provide as described in this Privacy Policy:
To our subsidiaries and affiliates.
To contractors, service providers and other third parties we use to support our business.
To a buyer or other successor in the event of a potential or actual merger, divestiture, restructuring, reorganization, dissolution or other sale or transfer of some or all of the Company’s assets, whether as a going concern or as part of bankruptcy, liquidation or similar proceeding, in which personal information held by the Company is among the assets transferred.
To fulfill the purpose for which you provided the information.
For any other purpose disclosed by us when you provide the information.
With your consent. We also may disclose your personal information:
To comply with a court order, law or legal process, including to respond to any government or regulatory request or subpoena.
For the purpose of or in connection with legal proceedings, or otherwise for the purpose of establishing, exercising or defending our legal rights.
To enforce or apply our Terms of Use as posted on www.wa-mortgage-reverse-calculator.com and other agreements, including for billing and collection purposes.
If we believe disclosure is necessary or appropriate to protect the rights, property, or safety of the Company, our customers or others, or in connection with an investigation of suspected or actual fraudulent or illegal activity.
Choices About How We Use and Disclose Your Personal Information
We strive to provide you with choices regarding the personal information you provide to us. We have created mechanisms to provide you with the following control over your information:
Tracking Technologies and Advertising. You can set your browser to refuse all or some browser cookies, or to alert you when cookies are being set. If you disable or block cookies, please note that some parts of the Sites may not be accessible or function properly.
Promotional Offers from the Company. If you do not wish to have your e-mail address used by the Company to promote our own or third parties’ products or services, you can opt-out by sending us an e-mail stating your request to privacy@wa-mortgage-reverse-calculator.com. If we have sent you a promotional email, you may send us a return e-mail asking to be omitted from future email distributions or click the “unsubscribe” feature as available.
Interest-Based Advertising. When you use our Sites, both we and certain third parties (such as advertising networks, digital advertising partners, and social media platforms) collect information about your online activities, over time and across third-party websites. Such information may be used to provide you with advertising about products and services tailored to your interests. We also may obtain information for this purpose from third-party websites on which our ads are served. You may see certain ads on other websites because we engage third-party ad buying networks. Through such ad buying networks, we can target our messaging to users through demographic, interest-based, and contextual means. The information our ad networks may collect on our behalf includes data about your visits to websites that serve our advertisements, such as the pages or advertisements you view and the actions you take on the websites. This data collection takes place both on our websites and on third-party websites that participate in these ad networks. This process helps us track the effectiveness of our marketing efforts. To learn how to opt out of this ad network interest-based advertising, visit Your AdChoices.
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We maintain administrative, technical and physical measures designed to protect your personal information against accidental, unlawful or unauthorized destruction, loss, alteration, access, disclosure or use.
Links To Other Websites
Our Sites may contain links to other websites for your convenience and information. These websites may be operated by companies not affiliated with the Company. Linked websites typically have their own privacy policies or notices, which we strongly suggest you review if you visit any linked websites.
Changes & Updates
This Internet Privacy Statement will be updated periodically and without prior notice to you to reflect changes in our personal information practices. If we make changes to our Privacy Policy, we will revise the “Last Updated” date at the top of this notice; please review it periodically.
CCPA PRIVACY NOTICE
We do not provide lending services to California residents.
How to Contact Us
To ask questions or comment about this Privacy Policy and our privacy practices, contact us at privacy@wa-mortgage-reverse-calculator.com or call (425) 455-8466
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA).
Typical Steps on the Path to a HECM Reverse Mortgage Loan:
While the following reverse application steps represent the loan process most borrowers should expect, it’s also worth noting that not every journey looks exactly the same, due to individual circumstances.
Reverse Application Steps 1 – 4
Step 1. Explore Your Reverse Mortgage Loan Options
With different types of reverse mortgage loans available, like the standard HECM, HECM for Purchase, Jumbos for higher value homes and even hybrid reverse products for those under age 62, it’s good to explore your options, before you decide.
Step 2. Choosing a Trusted Reverse Mortgage Lender
The HECM reverse mortgage family of loans have rates and fees that are heavily regulated to protect borrowers from being taken advantage of, creating a balanced playing field amongst lenders. This means that your choice in lenders is more rooted in the quality of service, accessibility and trust. So, take time to get to know the lender you are dealing with to ensure they are actually motivated by what’s in your best interest, not theirs.
Step 3. Attend the Required Reverse Mortgage Counseling
Borrowers are required to attend a a HUD-approved counseling session. The counselor reviews the loan details to ensure borrowers understand the loan terms, costs, and potential risks.
Step 4. Submission of the Loan Application
After completing the first three reverse application steps, borrowers will need to submit an application to the lender. The lender will review the application and determine if the borrower(s) are qualified for the reverse mortgage home loan they have applied for.
Reverse Application Steps 5 – 8
Step 5. Home Appraisal
Once the borrower is determined to be qualified, the lender schedules a licensed appraiser to determine the current market value of your home. The appraised value is one of the factors used to calculate the amount of money you can borrow.
Step 6. Processing and Underwriting
After the appraisal process has been completed, the lender processes the loan documents and creates the completed loan package ready for both borrower and lender signatures authorizing the closing process.
Step 7: Closing
The closing process consists of reviewing and signing the completed loan package. If you have chosen a local lender to work with they may come to your home to perform this part of the process. If you are dealing with an out of state lender they may send a notary republic with your loan package to complete.
Step 8: Disbursement of Funds
At the completion of reverse application step 7 the signed loan package is delivered to the title company who then prepares and distributes the loan funds. The funds may be received as a lump sum, line of credit, in monthly payments, or a combination of these options.
HECM Reverse Application Steps Review
We hope that our list of reverse application steps provides a better understanding of what to expect of the loan process. Our main goal is to ensure you have the information you need to make an educated decision about reverse mortgage loans and access to us as a trustworthy local lender.
To schedule a free, no obligation discussion about the pros and cons of reverse mortgage loans, the HECM loan qualifications, or to gain a better understanding of how they work, do not hesitate to give our help line a call at (425) 455-8466, we’d love to meet with you at your home or have a talk on the phone to share anything you need to know about the HECM reverse mortgage home loan.
5 Important Things To Understand As You Consider HECM Reverse Mortgages
1
At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds.
2
Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees.
3
The loan balance grows over time and interest is charged on the outstanding balance.
4
The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home.
5
Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment.