Steps To Getting A Reverse Mortgage
Thousands of seniors have benefited from reverse mortgages, which have allowed them to stay in their homes while building a stronger financial foundation. Guarantee Mortgage makes getting a Reverse Mortgage that works for you as simple as possible. We'll be there for you every step of the process, assisting you in understanding and customizing a loan to fit your specific needs. We understand that making this sort of choice can be difficult; thus, we recommend that you seek guidance and counsel from people you trust the most, whether it's family, an attorney, a financial planner, a tax specialist, or another trusted professional. The stages below will assist you and give you an idea of what to expect throughout the reverse mortgage application process.
Research and Education
If you contact one of our trained Reverse Mortgage Specialists, we can put up a comparison of various Reverse Mortgage packages that are tailored to your individual needs. We will assist you in evaluating each option accessible during your appointment.
We encourage that you seek information from other groups, such as the National Reverse Mortgage Lenders Association (NRMLA), which serves as the industry's "national voice and conscience." http://www.reversemortgage.org is where you'll locate them.
The United States Department of Housing and Urban Development (HUD), which may be accessed at http://www.hud.gov, is another excellent industry resource.
You must attend Reverse Mortgage Counseling once you have finished your study and concluded that you want a Reverse Mortgage. Counseling is required, but we view it as an educational checkpoint to corroborate your findings. This obligatory service comes at a cost of $125 each session on average. Depending on available State and Federal funds, the counseling group may be able to waive this fee. Sessions are typically 1-2 hours long and are conducted over the phone, but you have the option of receiving face-to-face therapy if preferred.
Fill out the application
It's time to book an appointment with one of our expert Reverse Mortgage Specialists who will walk you through the paperwork bundle once you've completed Reverse Mortgage counseling. The application can be completed in person or by mail with the help of a Reverse Mortgage Specialist.
Escrow and Appraisal
We will arrange for an appraiser to visit your house once we have received your signed and dated counseling certificate and finished the application procedure. To determine the worth of your home, the appraiser will use a formula. We also open escrow at this point to get a title report and make sure the property is free of federal or state tax liens. A comprehensive appraisal and title report normally takes 1-2 weeks to arrive.
We send the loan for evaluation and approval to the underwriter once we have received all preliminary reports, inspection reports, and examined the loan package for completeness and compliance (the person who approves the loan). After that, the underwriter conducts a review and may require more paperwork.
We'll schedule a signing session at the Title Company or a Mobile Notary to come to a place that's convenient for you after your loan has received final clearance. It takes around an hour to sign the final loan documentation. The paperwork will be returned to Guarantee Mortgage for financing after they have been properly executed.
Refinance loans feature a three-day right of rescission in which the borrower can terminate the loan. Funds are disbursed and documented with your County after the three-day "waiting" period. In most cases, purchase loans are documented and funded within two business days.
Reverse mortgages are loans available to homeowners aged 62 and above who own their houses and have equity in them. Borrowers can postpone making payments on their debts until they die, sell their house, or move out. Homeowners, on the other hand, are still responsible for paying taxes, insurance, upkeep, and other costs. Nonpayment of these goods can result in a loan default and the eventual loss of the home. Ask your loan officer about the upfront and continuing costs of an FHA-insured reverse mortgage. These materials are not from HUD, FHA, or any other government agency, and they have not been authorized.