Free Information!
See the Top 10 Reasons Seniors Get Reverse Mortgages
See the Top 10 Myths About Reverse Mortgages
Learn About Using A Reverse Mortgage As An Estate Planning Tool
Learn About Reverse Mortgage Safeguards
Learn About Pros and Cons of Reverse Mortgages
Using Reverse Mortgages For Health Care
The Reverse Mortgage Process
As in any financial transaction that involves your home, obtaining a reverse mortgage involves a number of steps that are designed to protect you and the lender.
Information Gathering — Getting educated about how a reverse mortgage works is the most important step you can take. Make sure you understand all of your options and the specific benefits for your financial situation and have a trusted advisor that you can ask questions and consult with you abotu the best option for your situation.
Qualifying — There are no credit or income requirements for a reverse mortgage. The amount you qualify to receive is based on your homes value, government lending limits for your county, your age and current interest rates. Once you determine you are eligible you can determine the best way to receive your money.
Counseling — One of the required steps in the process is that you meet with a third party, HUD approved counselor. This counselor will reaffirm the numbers and information you received from us and make sure that all your questions are answered. This part of the process is designed to protect senior homeowners and ensure that they are making the best decisions.
Application — A set of initial paperwork that allows us to start the process of your reverse mortgage. The feedback from many satisfied people that we have helped with a reverse mortgage is this part of the process "was easy" because by the time they got to the application process all of their questions had been answered.
Appraisal — We will arrange for a FHA approved appraiser to come and inspect your home in order to determine the fair market value and to determine if any repairs are required. If repairs are required, repair costs can be obtained through your proceeds of the reverse mortgage.
Underwriting — After the application and appraisal have been obtained, they are submitted to the lender. Typically, underwriting will take approximately a few days and usually nothing else is required for you to do.
Closing — The final step where you receive your proceeds from the reverse mortgage and choose how you would like to receive the money.
Of course you will have questions along the way and we specialize in providing you with answers to your questions and providing accurate information throughout the process.
Call us today to begin the process!
Get Started Now!
A Guide To Aging In Place
Learn How To Use A Reverse Mortgage To Buy A House
See the Top 10 Home Improvements for Seniors
Find Out What The 2008 COLA Increase Means To You
Just The FAQs: Answers to Common Questions About Reverse Mortgages