For homeowners age 62 or older, a reverse mortgage loan offers a way to convert some of the equity in your home into cash.
The funds can be used anyway you wish, including supplementing your income, paying for a large expense, or preparing for future needs. As you explore your reverse mortgage options with an experienced loan professional, they will serve as your guide throughout the entire reverse mortgage loan process. Here is a basic overview of what you can expect:
One of our expert reverse mortgage loan professionals will contact you to:
- Carefully assess your individual needs and financial situation. This includes reviewing your income, assets and expenses; talking with you about your particular plans and concerns; and estimating how much money you may qualify for;
- Thoroughly explain the eligibility factors, benefits, features, options, costs and borrower obligations associated with reverse mortgage products;
- Answer all your questions and help you determine if a reverse mortgage is the right solution for you, and if so, which type best fits your needs and goals;
- Prepare you for your reverse mortgage counseling session.
2. INDEPENDENT COUNSELING
To ensure that you understand all aspects of a reverse mortgage, you are required to have a counseling session with an independent counselor who is approved by the U.S. Department of Housing and Urban Development (HUD). It usually takes about 60 minutes and can be done in person or over the phone.
3. REVERSE MORTGAGE LOAN APPLICATION
If you decide to proceed with the reverse mortgage loan, your loan professional will help you complete the application and collect your documentation. Some of the required documents are: your signed counseling certificate, photo identification, verification of Social Security number, recent property tax bill, proof of homeowner’s insurance and existing mortgage bill (if applicable). Your loan professional will let you know exactly which documents you will need to provide.
A notary or lender representative will come to your home to assist you in signing your application and will also collect all of the supporting documents.
4. PROCESSING APPROVAL
Our processing team will submit the paperwork and process your reverse mortgage loan application. We will order a home appraisal, which determines the exact value of your home. We will also order title work and existing mortgage payoff amounts. An underwriter will then review the application for approval.
5. CLOSING ON YOUR REVERSE MORTGAGE LOAN
When the final loan documents are ready for your signature, we will contact you to schedule your loan closing, which can take place at your home.
Any existing mortgage(s) will be paid off with a portion of the proceeds from your reverse mortgage. After the closing and any applicable rescission period, the reverse mortgage loan will fund and you will receive your money.
Contact Us to Begin the Reverse Mortgage Loan Process
For more detailed information on the reverse mortgage loan process, get in touch with us today. You can check our Contact Page for a list of our reverse mortgage professionals close to your area or you can also use our online form to quickly and easily request a quote!