The Procedure for Acquiring a Reverse Mortgage
Reverse Mortgages have enabled tens of thousands of seniors to remain in their residences and establish a stronger financial footing. At Guarantee Mortgage, we make it as simple as possible for you to obtain a suitable Reverse Mortgage. We are here for you every step of the way, assisting you in comprehending and customizing a loan to your specific needs. We recognize that this type of decision can be intimidating at times; we encourage you to seek the advice and counsel of those you trust most, whether that be family, an attorney, a financial planner, a tax specialist, or another trusted professional. The following steps will help guide you and give you an idea of what to expect during the reverse mortgage application process.
Step 1: Research and Education
Contact one of our knowledgeable how to get a reverse mortgage loan Specialists, and we'll provide you with a comparison of available Reverse Mortgage programs that are tailored to your unique situation. Within this consultation, we will assist you in evaluating each available option.
Second, counseling
After conducting research and deciding that you want a Reverse Mortgage, you are required to attend Reverse Mortgage Counseling. Counseling is required, but we view it as an educational checkpoint to validate your research. This mandatory service is associated with an average session cost of $125. Depending on available State and Federal funding, the counseling organization may waive this fee. You have the option to receive face-to-face counseling if you so choose. Sessions typically last between one and two hours and are conducted over the phone.
Third Step: Application
Schedule an appointment with one of our knowledgeable Reverse Mortgage Specialists, who will guide you through the paperwork packet, once you have completed Reverse Mortgage counseling. The application may be submitted in person to a Reverse Mortgage Specialist or by mail.
Step 4: Evaluation and Escrow
After receiving your signed and dated counseling certificate and completing the application procedure, we will arrange for an appraiser to visit your residence. The appraiser will use a method to determine the value of your residence. In addition, we open escrow at this time to obtain a title report and verify that there are no federal or state tax liens on the property. Generally, it takes between one and two weeks to obtain a completed appraisal and title report.
Fifth step: underwriting
After receiving all preliminary reports, inspection reports, and reviewing the loan package for completeness and compliance, we submit the loan to the underwriter (the person who approves the loan) for review and approval. The underwriter will then conduct a review and may request additional documentation.
Step 6: Conclude
When your loan is granted final approval, we will schedule a signing appointment at the Title Company or a Mobile Notary who will come to you. Signing the final loan documents requires approximately one hour. Once all documents have been signed, they will be returned to Guarantee Mortgage for funding.
