When it comes to Reverse mortgages, it's all about the packaging notes . Lenders will read those notes and set it up the way they want in their own system. This is how to prepare a reverse mortgage submission in Finmo:
Select "Refinance" from the drop down menu in the "Goal section" of the application.
Click into the "Calculator" at the top of the page
In the "Payment Details" section of the calculator, select "First" from the dropdown menu in the "Mortgage Type" field.
When ready to submit adjust your submission notes to the lender. For example under "Product" amend the notes to say "Open Mortgage, No Payments".
In "Other Income" make sure you have included pensions or Old Age Security or any other sources of income.
Include any other relevant information you wish to send to the lender and submit :)
Click below to watch a video on how to submit a Home Equity Chip Reverse Mortgage
Should you have any questions, please click on the chat bubble.