Here at Reverse Loan Solutions, we do our best to make the reverse mortgage process as seamless, clear, and convenient as possible for our clients. A large part of the process involves making sure that customers fully understand reverse mortgage facts, so that they can make informed decisions. This discussion and sharing of information with borrowers is done, not just by us, but also by independent agencies, as required by the U.S. Department of Housing and Urban Development (HUD). What follows below is a description of the different steps in the reverse mortgage loan process as well as other important reverse mortgage facts.
If you are interested in learning more reverse mortgage facts, we can help. Contact us at 800-791-5626, or you can reach us through email via our online contact form. We would be happy to provide any reverse mortgage loanfacts or information that you need.
The Reverse Mortgage Process: The Estimate and Counseling
The first two steps of the reverse mortgage process involve a discussion of your individual needs, requesting an estimate, and counseling, so that all reverse mortgage facts and information are fully presented to the borrower.
Step One: Discussion and Requesting an Estimate – To get the ball rolling on your reverse mortgage loan, the first thing you should do is to get in touch with us over the phone or through email, so that you can ask us your questions regarding what a reverse mortgage loan is, how it might be helpful to you, and learn other reverse mortgage facts. Our loan officers have many years of experience when it comes to these products, so they will be able to provide the answers you need.
Then, based on the information you provide, we will give you a loan estimate, so that you will have some concrete numbers to consider. You can also refer to this estimate during the counseling described in the next step.
Step Two: Counseling – The Department of Housing & Urban Development (HUD) has made it mandatory for counseling to take place at the onset of the reverse mortgage process. During this step, comprehensive information is provided by someone from an independent housing counseling agency, either over the phone or in person. You can ask this counselor anything about reverse mortgage facts, procedures, requirements, benefits, and more. Once this is completed, you will be issued a certificate, which makes it possible to move on to the next step.
Reverse Mortgage Facts: What Happens After Counseling?
- Step Three: The Application – Your counseling certificate of completion will allow us to begin the application process. There will be a short application form to fill out and documents that will need to be submitted. We will provide you with a clear set of instructions, and if you have any questions at any point, please let us know so that we can provide the reverse mortgage facts and information you need. Also, in the event that you change your mind, you are free to cancel the application process at any time.
- Step Four: Appraisal – Once the application has been submitted, the next step is to appraise your home in order to determine its fair market value. This will be carried out by someone who is accredited by the Federal Housing Administration (FHA). If necessary, we can help applicants by recommending appraisers who work close to where you live. We can find an accredited professional to handle the appraisal.
- Step Five: Underwriting and Approval – After the appraisal is completed, the next step is to have an underwriter go over the application to make sure that everything is in order. The underwriter will also advise if anything else is needed for approval of the loan.
- Step Six: Closing – This is the final step. Once the application has been approved, a closing agent will get in touch with you, so that you can review and then sign the closing documents. An important reverse mortgage fact that you should keep in mind, is that for the next three days, you will still have the right to cancel the process with no penalty. After those three days have passed, loan proceeds will be disbursed to you based on the agreed upon schedule or structure (lump sum, monthly payments, etc.).
Contact us for More Reverse Mortgage Facts
If you would like even more reverse mortgage facts or would like personalized help with your decision-making process, get in touch with us today! Our reverse mortgage loan specialists can be reached by phone at 800-791-5626 or by email via our online contact form. Our staff would be happy to answer any of your questions regarding reverse mortgage loan information and the process.