A reverse mortgage is a loan available for seniors age 62 years or older that converts your homes equity into cash. Instead of making mortgage payments every month, you receive payments from a lender. The loan allows borrowers to increase their monthly income and there are no limitations on types of purchases. The loan balance does not have to be repaid until the borrower moves out of the house.
With a reverse mortgage you are able to chose how you would like to receive payments. Options include a single disbursement, monthly payments, a line of credit or a combination of monthly payments and a line of credit. You can use the loan to pay for things like healthcare, home repairs, or simply supplement retirement income for everyday life.
After finding your quote on our site, one of our specialists will get in touch with you. From here, they will finalize the details about your loan and prepare your paperwork for you to sign.
FedEx will deliver your paperwork at no cost to you. Included in your packet will be our guide to reverse mortgages, containing everything you need to know about the reverse mortgage process.
Many seniors experience problems because their retirement savings just isn't enough. A reverse mortgage allows them access to cash to continue to make their health, insure or other payments. Gaining control of your financial future is just one reason why many people will opt for a reverse mortgage in retirement.
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There are six basic steps in the reverse mortgage process:
First is your free consultation with a reverse mortgage specialist. Your specialist can explain your options, answer your questions and provide you with any additional resources you need in order to determine whether you are interested in pursuing a reverse mortgage.
Second, you will complete a counseling session with a HUD approved counselor. We will provide you with a list of counselors from whom you can receive your counseling either over the phone or face to face at a time that is convenient for you.
Once you have completed your counseling session, you will need to submit your application and have your home appraised. We will provide you with the application and disclosures to be reviewed, signed and return and will have a local appraiser contact you to make arguments to perform the appraisal.
Once your application is returned and the appraisal is complete, these documents, as well as any other documentation required by the lender, such as proof of insurance, will be submitted to an underwriter for review.
Once everything has been satisfactorily documented, the underwriter will issue a final approval and a notary will meet with you to witness your signing of the closing documents.
Finally, you will receive your first disbursement and or your funds will become available approximately 30 days after closing