Many reverse mortgage industry participants and applicants have worried that the new Federal regulations requiring more complicated counseling procedures for those seeking reverse mortgages would greatly slow down the application process.
Online PR News – 24-November-2010 – – Many reverse mortgage industry participants and applicants have worried that the new Federal regulations requiring more complicated counseling procedures for those seeking reverse mortgages would greatly slow down the application process. However, Legacy Reverse Mortgage has determined a method to greatly improve communication and speed of delivery between the borrower and counselor. Using a website and process created by their reverse mortgage software provider, ReverseVision, Legacy Reverse Mortgage now offers a shared, secure portal for key reverse mortgage documents.
“At Legacy Reverse Mortgage, we want to make sure every one is working off the same page and that mortgage applicants understand all of the details of their reverse mortgage calculations,” said Jim Cory, the company’s President and CEO. “Our new streamlined mortgage protocol with counselingdocs.org means that we can make the whole process faster, easier and simpler than our competitors.”
The process is simple for all participants. Initially the customer speaks with or meets with their Legacy Reverse Mortgage representative to go over the Reverse Mortgage Quote that the company produces using the ReverseVision reverse mortgage software. Concurrently, these same documents are posted on the new website, wwww.counselingdocs.org with a secure passcode and user identifier. The customer is given the secure passcode and user identifier, which they can then share with their independent, HUD-approved reverse mortgage counselor.
This system is ideal for its security, speed of delivery, and most of its accuracy of numbers to ensure that the counselor and borrower are working off of the same documents. Only partners with ReverseVision have access to this portal and process, which is a unique process in the industry. ReverseVision is the leading technology company for reverse mortgage software which focuses exclusively on creating and enhancing reverse mortgage technology.
Helping Clients and Reverse Mortgage Counselors
Legacy Reverse Mortgage is a leader in educating and informing reverse mortgage clients, taking a proactive stance long before the new reverse mortgage counseling requirements were introduced. The company’s innovative and informative website, www.legacyreversemortgage.com has been a cornerstone of their efforts to provide accessible information to reverse mortgage clients and features both information and online tools such as the Reverse Mortgage Calculator and online reverse mortgage quote.
Homeowners age 62 or older can convert their home equity into cash with a reverse mortgage, which is a mortgage that amortizes in reverse, so the balance grows over time because payments are not made. The homeowner still owns the title to the property. New Federal rules state that everyone getting a reverse mortgage must have independent counseling to ensure they fully understand the how their reverse mortgage works.
Legacy Reverse Mortgage is one of America’s fastest growing reverse mortgage providers. Legacy’s management team has more than 20 years of combined experience in reverse mortgages, making Legacy Reverse Mortgage one of the most knowledgeable reverse mortgage lenders. Legacy was founded on the core principles of integrity, value and shared success and works to provide all customers with an honest and fair solution to their home financing needs. The company’s website, www.legacyreversemortgage.com, offers clear information about the financial products available and the regulatory guidelines for eligibility as well as a reverse mortgage calculator.