Steps to a Reverse Mortgage
Learning the steps of a Reverse Mortgage from a local expert, helps to alleviate anxiety about the process.
You have probably heard about a Reverse Mortgage from a friend, paper article, TV advertisement or online. Your local Reverse Mortgage Professionals at Reverse Mortgage SouthEast can explain the details of the simple process. We will show you how much you qualify for and how it can most benefit you. We have the experience needed to make it easy and as quick as you would like for it to be. Most cases can be closed in under 20 days!
Only four easy steps to obtain a Reverse Mortgage from start to finish!
Step One: Reverse Mortgage counseling. HUD requires that all borrowers complete counseling prior to loan processing. The counseling is done over the phone by an independent, third party, HUD approved counselor. You will be provided with a list of agencies that you can choose from. We will provide you with the booklets and estimate that is required by the counselor prior to your scheduled call. You can request to do the counseling in person in certain areas. The purpose of the counseling is to help answer your questions by a third party. This lets you know that we are giving you good information. It is verified through your counseling session.
Step Two: Your local Reverse Mortgage Professional will meet with you to get the application signed and collect the items needed for processing.
Documents Needed for Application:
- Copy of your Driver’s License
- Copy of your Social Security Card or Medicare Card
- Social Security Awards letter or 2 months most recent bank statements (all pages) to show direct deposits
- Copy of your Homeowner’s Insurance
- Recent mortgage statement if you still owe on the property
Step Three: Processing your application. We will order an appraisal to determine the value of the property. A title search is completed to make sure there are not any issues that need to be cleaned up. We will help you with this if it comes up. We will obtain a payoff for any current mortgages or liens on the property. Once we receive the appraisal report, we will be in contact with you to let you know the determined value and go over the updated numbers based on the appraised value. The Underwriter will look over all of the information and check it for accuracy.
Step Four: Closing. We will arrange a convenient time with you to sign the final closing documents. We can have our closer come to your home or you can choose to meet in the office. After signing the closing documents, you have a 3 day right of rescission. That means that you have 3 days to change your mind. The money is disbursed after the third day. You can choose to receive a check or have the money directly deposited into your account.
Those are the four steps to the entire process. We help guide you and keep you informed every step of the way. Everything is handled locally. If there are no unforeseen complications, we are able to complete the process within 20 days!