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Featured Topic:

Life in Reverse - Demystifying the Reverse Mortgage Process

Courtesy of YourHomeForLife.com

At Bauer mortgage we feel the pulse of our clients, and the current buzz seems to involve the notion of the reverse mortgage. We’re here to put you in touch with our friend Jerry Lapriore, Executive Vice President of Your Home for Life (a company devoted to the reverse mortgage) to shed some light on the subject. Jerry has been involved in the Seacoast Mortgage business for decades and is working with Bauer mortgage to demystify the reverse mortgage process so that we may better serve all of your mortgage needs. So let’s get right into the process!

Luckily for consumers, the Federal Government regulates all reverse mortgages.  Interest rates, terms and loan amounts are computed utilizing a standardized formula.  Origination fees are capped. This regulation insures the safety and security of reverse mortgages.  It also insures that all lenders use the same guidelines.  So, once you have decided that a reverse mortgage may be right for you, how do you decide where to go to get one?

It is very important to work with a reverse mortgage specialist like Jerry who offers plenty of experience and lots of successful transactions.  We believe that there are some very important traits that distinguish Your Home For LifeSM from many others:

  • Communication. We listen, not just talk.  It is important that we understand your needs and objectives.  The only way to do that is to listen to what they are.  We ask questions, and then actually stop talking.  A reverse mortgage may be exactly right for you.  But maybe there is another product that you should consider.  At Your Home For LifeSM our Reverse Mortgage Specialists never take a “one size fits all” approach. 
  • Experience.  You do not want to be a lender’s first customer.  With the increasing popularity of reverse mortgages, there are more and more rookies.  Don’t be afraid to ask for references.  At Your Home For LifeSM, our Reverse Mortgage Specialists are just that.  Specialists.
  • Accountability.  We take our jobs very seriously.  We live and work in the same community.  We want to do a good job for you, and we want to earn your good will.  We will answer your questions honestly and directly.  Your Home For LifeSM Reverse Mortgage Specialists adhere to a strict Code of Conduct which is a part of this website. We think you should read it.

    As for the process itself:
  1. Initial Research.  Learn as much as you can about the product.  Detailed information on reverse mortgages is readily available. 
  2. Workshop or Seminar.  If you can, attend a workshop.  They are educational in nature and answer all your reverse mortgage questions. 
  3. Personal Consultation.  Give Jerry a call and he’ll make an appointment to meet with you, at your home or somewhere else if you prefer.  He can provide you with all the specific numbers in writing so that you can be sure the product works for you.  We encourage you, (if you choose), to have trusted family members or advisors at this meeting so that they can have all the same information as you do and can help you to make this decision. After the meeting and we have answered your questions, we leave.  Now, it’s up to you to decide if you want to proceed or not. 
  4. Get HUD Approved Counseling.  You cannot obtain a reverse mortgage without having independent third party counseling from an approved HUD (Department of Housing and Urban Development) counselor.  Counseling can be done in person or over the phone.  Jerry can give you a list of approved counselors from which to choose.
  5. Apply for the Reverse Mortgage.  Once you have your counseling certificate, you can apply for the reverse mortgage and we can start the process.  It is easy because we are there with you every step of the way.  We will need a few simple pieces of information from you, and will need to order an appraisal and a “pest” inspection.  But don’t panic.  We’ll fill out all the paperwork for you.  At Your Home For LifeSM we give you a copy of all the application forms and even all the forms you will sign at closing so you can read them at your convenience, or have your attorney or trusted advisor review them if you wish.
  6. Sit back and RELAX.    It typically takes about 30 days to process the reverse mortgage application.  We will keep you posted regularly and be in touch with you every step of the way.
  7. You’re Approved!  Now it’s time to finalize the details, review the numbers and make sure the tax-free cash will be flowing to you exactly as you like.
  8. Close.  We bring the attorney right to you.  Closings typically take place in your home because that is the most convenient for you.  After the closing, the Federal “Right of Rescission” grants you 3 business days to cancel the transaction if you choose.
  9. Enjoy Financial Independence.  Now you can enjoy the peace of mind that a reverse mortgage gives you.  Remember, it’s “Your Home for Life”.  You will never have to make a payment for as long as you live in your home as your primary residence.  All the benefits you have learned about the Reverse Mortgage product are true.  You have made a good decision.
  10. Call Your Home For LifeSM Anytime.  Lots of our customers call just to say “hello”.  Sometimes they have a question.  In either case, we are always here for you.


Jerry Lapriore is an Executive Vice President with Your Home for Life, a division of First Service Home Mortgage that specializes in Reverse Mortgages. To reach Jerry directly, call 1.800.690.6646 x406 or email him at jerry@yourhomeforlife.com
Tell him Karen sent you!
Karen Wimer, Branch Manager
Bauer Mortgage Group
170 State Street
Portsmouth, NH 03801
603-430-7729
888-25BAUER

   To obtain your personalized rate quote from Bauer Mortgage Group, email Karen or call 603-430-7729!