REVERSAL MORTGAGE STEPS ARE HERE

REVERSAL MORTGAGE STEPS ARE HERE

How to Apply for a Reverse Mortgage

Thousands of senior citizens have benefited from reverse mortgages by staying in their homes longer and building a stronger financial base. Guarantee Mortgage strives to make getting a reverse mortgage that suits you as simple as possible. Every step of the journey, we are there for you, guiding you as you comprehend and personalize a loan to fit your particular needs. We understand that making decisions of this nature can occasionally be difficult, so we strongly advise you to seek the advice and counsel of those you most trust, whether they be members of your family, a lawyer, a financial planner, a tax expert, or another reputable professional. The stages listed below are meant to serve as a guide and to provide you with an idea of what to anticipate as you go through the process of acquiring a reverse mortgage.

Step 1: Research and education

Reach out to one of our expert reverse reverse mortgage Specialists so we can compare the various Reverse Mortgage products that are available to you. During this meeting, we will assist you in weighing all of your options.

Counseling in Step 2

You must go to reverse mortgage counseling after you've done your homework and decided you want a reverse mortgage. Although counseling is required, we view it as a learning checkpoint to validate your research. This required service carries a fee, which costs $125 per session. This fee might be waived by the counseling group depending on the amount of State and Federal funding that is available. Sessions typically last 1-2 hours and are frequently conducted over the phone, although you have the option of seeking counseling in person if you so want.

Application in Step 3

It's time to book an appointment with one of our knowledgeable Reverse Mortgage Specialists, who will walk you through the paperwork package, after you've finished the reverse mortgage counseling. You can submit the application by mail or in person with a reverse mortgage specialist.

Step 4: Escrow and Appraisal

We will arrange for an appraiser to visit your house once we have received your signed and date counseling certificate and the application procedure is complete. The appraiser will use a technique to figure out how much your house is worth. We open escrow at this stage in order to order a title report and check for any State or Federal tax liens on the property. The average wait time for an appraisal and title report is 1-2 weeks.

Fifth step: Underwriting

We submit the loan for evaluation and approval from the underwriter (the person who authorizes the loan) once we have obtained all preliminary reports, inspection reports, and examined the loan package for compliance and completeness. The underwriter then conducts a review and may make additional paperwork requests.

Step 6: Finalize

We will schedule a signing session at the Title Company or with a Mobile Notary who will travel to a place that is convenient for you once your loan has received final clearance. It takes roughly an hour to sign the last set of loan documentation. The completed documentation will be returned to Guarantee Mortgage for funding after being properly executed.