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| Steps you will follow |
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The reverse mortgage loan process involves several steps that both the lender and homeowner are required to follow in South Dakota.
These steps are designed to protect and educatate you so you can make the best informed desicion for your future.
Here are the steps you can expect to go through:
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| 1. Call us or fill in our 'Contact Us' form. |
| Once you submit the form or call us we will ask you a few questions and then route you to a loan officer. |
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| 2. Receive Upfront Education. |
| A loan officer will contact you to answer all your questions and help you pick a reverse mortgage loan product that is right for your situation. |
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| 3. Go to Counseling. |
| Financial counseling from an approved counseling agency will be provided. The agency in South Dakota will provide counseling in order to make sure that a reverse mortgage loan is truly your best option. |
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| 4. Application/Disclosure. |
| Fill out the appropriate loan applications we provide. |
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| 5. Processing. |
| As with any loan the home must be appraised and physically inspected. |
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| 6. Underwriting. |
| The loan after all the information is gathered must be approved. |
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| 7. Closing. |
| Sign the loan documents. |
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| 8. Disbursement. |
| You start receiving your checks. |
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| 9. Repayment. |
| The loan is repaid when you no longer live in the home as your principal residence. The loan may be repaid by you or your heirs/estate, with or without a sale of the home. The repayment obligation will never exceed the homes value or sale price. |
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Reverse Mortgage Loans South Dakota guides homeowners through the process of obtaining reverse mortgage loans by providing reverse mortgage loan information and resources. Reverse Mortgage Loans South Dakota can provide you with the best educational information including important links to external reverse mortgages resources, like the NRMLA, HUD and more. Reverse Mortgage Loans South Dakota can also help you find a top mortgage professional specializing in reverse mortgages. By using our site, you can be connected with local mortgage brokers that can help you understand the reverse mortgages loan process and can help you to obtain a reverse mortgages loan. Reverse Mortgage Loans South Dakota also helps by giving you access to recent articles, answering frequently asked questions and by hosting a blog with relevant recent news. If you or a loved one are aged 62 or over, use the Reverse Mortgage Loans South Dakota site to find out if you meet reverse mortgage loan and to start the reverse mortgage loan process. Please take time to review our privacy policy and terms of use and we hope that you benefit from using the Reverse Mortgage Loans South Dakota site.
Copyright 2007 HomeXperts, Inc. |
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| South Dakota is a state located in the Midwestern region of the United States of America. It is named after the Lakota and Dakota (Sioux) American Indian tribes. South Dakota was admitted to the Union on November 2, 1889. (North Dakota was admitted simultaneously.)Located in the north-central United States, South Dakota is bisected by the Missouri River, dividing the state into two socially and economically distinct halves, known to residents as "East River" and "West River." In the southwestern portion of the state rise the Black Hills, a group of low, pine-covered mountains. A region of great religious importance to local American Indians as well as a major draw for the state tourism industry, the Black Hills are also the location of Mt. Rushmore, probably the best-known location in the state and a widely-used unofficial symbol of South Dakota. |
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