Are you going to apply for a reverse mortgage? By now, you’ve met with your lender and finished the required reverse mortgage counseling. So are you ready to access the equity in your home and put it to work for you? We can help! As your local reverse mortgage specialist, Homeowners Mortgage wants you to know what to expect every step of the way! We’ve put together a 5-step list, so you always know what’s coming next.
1. Meet with a Reverse Mortgage Consultant
It’s time to sit down with Homeowners Mortgage! Your loan officer will review your financial standing and will work with you to determine if a reverse mortgage is financially feasible for you at this time. You will also specify how the loan proceeds to be disbursed. Your loan officer will analyze your sources of income, credit history, and living expenses. They will also discuss any costs or fees associated with the reverse mortgage, closing costs, or your application.
2. Loan Processing
Your lender will request an appraisal on your home. After determining market value of your property and receiving all necessary information from you, the loan package will be submitted. At this point, a conditional approval is provided pending any needed inspections or repairs.
3. Loan Closing
Your reverse mortgage is made official. All the T’s are crossed and the I’s dotted. For the first you can receive up to 60% of the borrowed amount, with the remainder available in the thirteenth month.
4. Fund Disbursement
Three days after the closing, your funds will be disbursed. If you specified monthly payments are to be made, they will originate on the first business day of each month. You can change the manner of disbursement at anytime; simply consult with your Servicer.
5. Loan Repayment
A reverse mortgage is only due when the homeowner or a surviving spouse no longer resides in the home. No debt will be inherited, as the balance is drawn from the sell price of the residence.
Homeowners Mortgage makes it simple for homeowners to achieve the financial standing they need now and in the future. Find the right financial solution for your needs with a reverse mortgage from our specialists today!