Reverse mortgage easy as 1, 2, 3
The Reverse Mortgage Process
First Item
Contact my office for an estimate of benefits. You will need to provide date of birth (age 62 or older) and current loan information (if any).
Second Item
Make an appointment with an approved reverse mortgage counseling agency. They will reference the proposal provided by my office. These appointments can be by phone or in person.
Third Item
Agency counselor will explain the different options (lump sum, monthly payments received or line of credit) and answer any questions or concerns. Once the certificate is issued the actual application process can begin.
The Application Process
First Item
My office will take your application, provide you with all disclosures and provide an accurate breakdown of costs.
Second Item
Various documents will be collected such as insurance information, current lender payoff (if any), copy of ID etc.
Third Item
My office will submit a completed loan package to the Lender for review. An appraisal will be ordered to confirm value. Some follow up items may be requested by the Lender. Once everything is signed off and approved your loan will fund and you will start to enjoy the benefits of financial independence.
