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Easy Steps to Getting a Reverse Mortgage

Understanding Each Stage Of The Loan Process

1. Get Educated Regardless of the reverse mortgage program you choose, counseling by a Department of Housing and Urban Development (HUD)-approved counselor or an American Association of Retired Persons (AARP) approved counselor is required. The counselor is there to help make sure you are fully aware of your options and that you understand the reverse mortgage program and the loan process itself. With your consent, a representative of your lender may arrange for a HUD-approved counselor to contact you, or they may provide you with a list of approved counseling agencies in your area. In addition to counseling, you are encouraged to also seek advice from your family, legal, and financial advisors.

2. Appraisal Upon completion and submission of your application, the lender will schedule an appraisal to determine the current market value of your home and whether or not any repairs will be needed in order to meet loan underwriting guidelines.

3. Underwriting Underwriters will then review the loan file and appraisal in accordance with the applicable FHA or lender loan policy. Upon completion, a representative of your lender will notify you of the lender’s decision and inform you of any conditions that must be met prior to the loan closing.

4. Loan Closing If approved, you will then decide how you want to receive your cash from the loan proceeds. The final step will be signing the documents at loan closing. Disbursement of payment from your reverse mortgage loan may begin within just days after closing.

Get Started Today Call for more information and help in determining if a reverse mortgage best address your financial needs.

You’ve been taking care of your home for years. Isn’t it about time your home started taking care of you?