THESE ARE THE REVERSAL MORTGAGE STEPS

THESE ARE THE REVERSAL MORTGAGE STEPS

The Procedure for Obtaining a Reverse Mortgage

Reverse mortgages have assisted many of elderly in remaining in their homes while also establishing a more solid financial base. Guarantee Mortgage makes obtaining a Reverse Mortgage that works for you as simple as possible. We are with you every step of the way, assisting you in understanding and customizing a loan to your specific needs. We understand that making this type of decision can be difficult at times, so we encourage you to seek the advice and counsel of people you trust the most, whether that be family, an attorney, a financial planner, a tax specialist, or another trusted professional. The stages below are intended to guide you and give you an idea of what to expect throughout the reverse mortgage application process.

Step 1: Research and education

Contact one of our knowledgeable reverse mortgage for senior  Specialists and we will build a comparison of available Reverse Mortgage options that are tailored to your individual needs. During this meeting, we will assist you in evaluating each potential choice.

Counseling is the second step.

You must attend Reverse Mortgage Counseling once you have completed your study and determined that you want a Reverse Mortgage. Counseling is required, but we view it as an educational checkpoint to confirm your research. This mandatory service comes at a fee, which averages $125 per session. This fee may be waived by the counseling group depending on available State and Federal funds. Sessions typically last 1-2 hours and are conducted over the phone, but you have the option of receiving face-to-face therapy if preferred.

Step 3: Implementation

After you have completed Reverse Mortgage counseling, you should make an appointment with one of our expert Reverse Mortgage Specialists who will walk you through the paperwork bundle. The application can be completed in person with a Reverse Mortgage Specialist or over the mail.

Step 4: Escrow and Appraisal

We will arrange for an appraiser to visit your property once we have received your signed and dated counseling certificate and completed the application procedure. To assess the worth of your home, the appraiser will go through a process. We also open escrow at this point to order a title report and check that there are no Federal or State tax liens on the property. A completed appraisal and title report normally takes 1-2 weeks to arrive.

Step 5: Financing

We submit the loan for review and approval from the underwriter (the person who authorizes the loan) once we have received all of the preliminary reports, inspection reports, and evaluated the loan package for completeness and compliance. The underwriter then conducts a review and may seek more paperwork.

Step 6: Finishing

When your loan is finalized, we will schedule a signing appointment at the Title Company or with a Mobile Notary who will come to you. It takes around an hour to sign the final loan documentation. The documents will be returned to Guarantee Mortgage for funding once they have been properly executed.