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What is the process like for a Reverse Mortgage
Manage episode 428396940 series 2979320
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I like to see what is available for you by getting your age and the approximate value of your home. Once we have that and go over what you may have available, we encourage you to get take the Gov't class which costs about $190. You have a 3rd party that goes over all the details of a Reverse Mortgage making sure you understand everything and it makes sense.
When that is complete, I will meet with you at your home and go through all the documentation that is required to be signed I also ask that you have a family member there as well, and if no one is close by then a phone call to be with us during our time together. I find it best that your family is involved so that they know all about the Reverse Mortgage as well and also to take the class with you online that you are required to take. I gather all of your documents and scan them for the lender, it may require several visits on my part but I am here to help. We also have to get an FHA appraisal on the home which we have to order and you must pay for. While the loan is being processed the title work is ordered and insurance is being taken care of. Once we have our clear to close we schedule the closing which can be at the title or your home. Always like your family to be there or on the phone as well.
I look forward to helping you or just answering any questions you may have on the Reverse Mortgage.
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