Retirement involves a dramatic change in health goals, family and most importantly, housing. For older adults looking to a Reverse Mortgage as a way to fund those changes, it’s important to know what steps lie ahead.
The reverse mortgage program follows these five steps:
- Meet with a Reverse Mortgage Loan Originator
We’ll discuss your goals to get a clearer idea of what a reverse mortgage can do for you. We will determine the amount you are eligible for and provide a proposal using an estimated value for your home. An appraiser will establish the actual value later in the process (see step 3).
- Complete Counseling and Application
If you decide a reverse mortgage is a good fit for you, you’ll need to complete mandatory counseling from an approved agency. Afterward, you’ll obtain a signed Counseling Certificate. This will allow us to submit your application along with some personal documentation.
- Home Appraisal
After counseling and application, our Operations Team will order an appraisal, and an appraiser will determine the official market value of your home. In Step 1, we estimate the value to determine how much equity you have in your home. After the appraisal, these numbers will be adjusted, and a final amount of equity in the home will be set.
During underwriting, all the documentation you have submitted will be reviewed, and you will be contacted for any additional items the Underwriter needs to complete your loan file.
Your loan application has been fully approved and you’ve been given the clear to close! We will review the final numbers with our Operations Team and the Closing Agent to ensure accuracy and confirm how you want to receive your funds. You will then meet with the Closing Agent to sign the final documents.
To get started with your reverse mortgage process, contact me today!