The Process

STEP 1       Request Your Quote
 

Contact the Reverse Mortgage Professionals at 1st Legacy Capital LLC  to receive your free no obligation Reverse Mortgage Quote today. A quote through 1st Legacy Capital will help to explain the term and loan amount options that you may qualify for. The quote will also define estimated fees and timeframe that may be associated with your 1st Legacy Capital LLC Reverse Mortgage.

STEP 2       Begin Your Application
 

Once you have reviewed your 1st Legacy Capital LLC Reverse Mortgage quote and have consulted with our professional licensed mortgage originators, we will gather some information to begin the loan application . The completion of the loan application will be conducted face to face or over the phone, after the HUD Counseling performed in Step 3, and our Reverse Mortgage Professional will prepare your file. 

 STEP 3       HUD Counseling

 

One of the MOST important steps in the Reverse Mortgage process. The government requires that any prospective applicant for a HECM reverse mortgage receives counseling with a third party HUD certified counselor. This step in the process is designed to help ensure that seniors understand the reverse mortgage and that they have evaluated their financial situation closely. 1st Legacy Capital LLC will require a signed certificate from the counselor before moving on to the next step in the application process.  We recommend counseling for all borrowers, even if they are considering a private reverse mortgage loan. A complete list of HUD approved counselors can be found at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or from our office.

STEP 4       Processing Your File      
 

Once 1st Legacy Capital LLC has received your counseling certificate, our experienced team of professionals will manage your file through the final stages of the process. You Reverser Mortgage Professional will request an appraisal of your property through a third party Appraisal Management Company (AMC). Working with a title company of your choice 1st Legacy Capital LLC will request title for your Reverse Mortgage. Once these items are received along with income documents, identification, home owners insurance and pay off if applicable , your file will be submitted to the underwriter for review.

STEP 5       Closing and Funding Your Loan      
 

After your 1st Legacy Capital LLC Reverse Mortgage  Professional has cleared your file through underwriting and your file has moved to the closing stage, we will work with you to review all final numbers associated with the transaction and schedule a closing date and time. Reverse Mortgages used to refinance existing property will have a 3 day recession period prior to funding and the disbursement of loan proceeds. HECM Purchase transactions disburse the day of closing.