How to Get a Mortgage in Your Favor
Thousands of seniors have been able to stay in their homes thanks to the security and stability provided by reverse mortgages. Get the best terms on a Reverse Mortgage with the help of Guarantee Mortgage. You can count on us to be by your side every step of the way as we explain the loan process in detail and work with you to create a plan that best fits your needs. We understand how difficult it may be to make a choice like this, which is why we recommend that you consult with people you trust, such as family members, friends, attorneys, accountants, and others, before making any final decisions. The following procedures have been laid out to serve as a guide and give you an idea of what to expect when applying for a reverse mortgage.
The First Step: Learn More About It
Get in touch with one of our experienced can you reverse a reverse mortgage Specialists, and we'll help you compare the various Reverse Mortgage options that will work best for you. During this meeting, we will assist you in weighing all of your available choices.
Second Stage: Guidance
After you've done your homework and decided that a Reverse Mortgage is right for you, the next step is to seek out Reverse Mortgage Counseling. Even though counseling is required, we try to frame it as a learning checkpoint where you can validate your findings. This required service comes with an average price tag of $125 each consultation. The counseling service may be able to cover your expenses if you qualify for free government assistance. Sessions are typically 1- 2 hours long and conducted over the phone; however, you do have the option of in-person sessions.
Third, make use of it
After finishing the Reverse Mortgage counseling session, you will be ready to meet with one of our experienced Reverse Mortgage Specialists who will help you fill out the necessary paperwork. A Reverse Mortgage Specialist can help you fill out the application in person, or you can do it yourself by mail.
Fourth Stage: Escrow and Appraisal
Your application will not be processed until we have your signed and dated counseling certificate, at which point we will schedule an appointment for an appraiser to visit your house. The appraiser will use a certain methodology to arrive at an estimate of your home's worth. We also obtain a title report and check for any federal or state tax liens on the property at this time by opening escrow. A thorough appraisal and title report can take anywhere from one to two weeks to arrive.
Five: Underwriting
We send the loan to the underwriter (the person who authorizes loans) for evaluation and approval once we have received all of the preliminary reports, inspection reports, and checked the loan package for completeness and compliance. After that, the underwriter conducts a thorough evaluation and may ask for further paperwork.
Phase 6: Concluding
After final loan approval, we'll schedule a signing session at the Title Company or send a mobile notary to your home or office. It takes roughly an hour to sign all of the necessary paperwork for a loan. After everything is signed and submitted to Guarantee Mortgage, funding can begin.
