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GetReverseMortgageHelp.com wants you to understand the Process of a Reverse Mortgage
The process of getting your reverse mortgage will be a lot liking getting any other home loan you’ve had. Only the advantages of a reverse mortgage are even better, because you’ll never make a payment on this loan while you live in the home!
Here at GetReverseMortgageHelp.com, it’s our goal to put you in touch with a Senior Lending Advisor that will help you understand each and every step of the reverse mortgage process.
Here’s what you can expect:
A Senior lending advisor will contact you to find out if a reverse mortgage is right for you and if you qualify.
A Senior lending advisor will help you fill out the application At this time, they will work with you to help you choose the best type of reverse mortgage for your needs and determine how you’d like to receive the money from your new reverse mortgage – a line of credit, lump sum, monthly payments or a combination of those. Don’t forget to consult your financial advisor.
Counseling is required Because reverse mortgages are a big step for any homeowner, HUD (Department of Housing and Urban Development) requires that all applicants receive third-party counseling to explain all the available options and details. We’ll provide a list of counselors for you to contact.
Appraisal and Inspection An appraisal will need to be completed on your home in order to determine the market value, make sure it fits within government guidelines, and check for any repairs needed to the home. You might need a structural inspection as well. The HUD approved lender does not make a profit from these proceeds; they only charge the minimum amount to cover the cost of the appraisal itself. If you are billed for an appraisal, and then decide not to move forward with the loan and the appraisal has not yet been completed, a full refund will be given. If however, an appraisal was completed on your property, a refund will not be issued. This is because the payment will have already been issued to the appraiser to compensate him for his out-of-pocket costs.
Underwriting After the Underwriting Dept. gets all the documents they need from you, They will work behind the scenes and finalize all the details of the loan.
Closing The HUD approved Lender you will set everything up; and come to you with all the final documents to sign. They couldn’t make closing any easier!
Disbursement As with all home loans, the right of rescission period takes three business days. Any debts you’d like included are paid and you can feel secure knowing you’ll never have to make a mortgage payment again.
Repayment For the life of the loan, you do not ever make monthly mortgage payments to your lender. Reverse mortgages become due when the borrower(s) no longer occupies the home. If death of the borrower occurs, the heirs/estate may repay the loan from the sale of the home or refinance the home. It’s really that easy!
Thank you for choosing GetReverseMortgageHelp.com for all your reverse mortgage needs!
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If you qualify for a reverse mortgage it is important to understand that this extended limit will end 09/30/11. If you have any questions call the Get Reverse Mortgage Helpline at 1.877.813.5864 for immediate assistance.
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