Taking out a reverse mortgage is easier than you might think. If you have been searching for “reverse mortgage companies near me,” we are just what you are looking for. With 30 years of experience, we have the knowledge and expertise to provide you with the most information and make the process as simple as can be. Here is a look at the process of taking out a reverse mortgage.
7 Steps to Get a Reverse Mortgage
1. Determine if You Qualify
The requirements for a reverse mortgage vary by lender, but it is usually easy to qualify. The amount of your loan will depend on your age (62 or older), appraised value of your home, interest rate, and your ability to pay property taxes, insurance, and other monthly obligations.
2. Make Sure it is Right for You
Our experts will make sure to give you plenty of information to determine if a reverse mortgage is financially right for you. During your free consultation, we will come up with multiple options and solutions and eventually come up with a plan just for you.
3. Gain Education
A counseling session through the Housing and Urban Development is required for a reverse mortgage. They will go over all the pros and cons and make sure you understand everything you are getting into. We also encourage you to seek advice from legal and financial advisors as well as family members.
4. Appraisal
Once you submit your application, we will schedule an appraisal to determine the current market value of your home.
5. Underwriting
An experienced underwriter from the lender will review your loan file and appraisal in accordance with the lender loan policy. Once that is complete, we will contact you and review any conditions that you might need to work through.
6. Loan Closing
Once your loan is approved you will determine how you want to receive the loan proceeds. Finally, you will sign the closing documents.
You Can Stop Looking for “Reverse Mortgage Companies Near Me!”
We are the solution you’ve been looking for. If you meet the qualification and are ready to get started on your reverse mortgage, contact us today!
Call Mortgage South today at (423) 624-3878 to discuss your reverse mortgage options.