If you have been thinking about applying for a reverse mortgage, but are worried it is a difficult process, it is actually a much easier process than you think. At Mortgage South we have over 30 years of experience walking our clients through the steps. For that reason, we’ll provide our knowledge and expertise in hopes it makes the process that much easier for you. Therefore, if you have been thinking about applying for reverse mortgages in Hendersonville, TN, here is a look at the process.
7 Easy Steps to Reverse Mortgages in Hendersonville, TN
1. Find Out if You Qualify
There are a few requirements for a reverse mortgage, and some depend on the lender. You must be of the age of 62, or older. The amount you receive from the loan will depend on your age, appraised value of your home, and interest rates. In addition, we consider your ability to pay property taxes, insurance, and other monthly obligations.
2. Confirm it is Right for You
Our professionals will walk you through each step, filling you with all the knowledge necessary to make an informed decision. During your free consultation, we will work through all the options to find a plan that best suits you and your situation.
3. Get Educated
One requirement is that you attend a counseling session through Housing and Urban Development. They will go over all the pros and cons of a reverse mortgage. They’ll also make sure you understand everything you will be getting into. It is also a smart idea to seek advice from legal and financial advisors, as well as family members.
4. Schedule an Appraisal
Once we submit your application, you will schedule an appraisal for your home to determine the current market value.
5. Underwriting
An underwriter from the lender will review your loan and appraisal. After that, we will contact you to review any conditions that might need to be worked through.
6. Closing
Once you are approved you will be able to determine how you want to receive the proceeds. Lastly, you will sign your closing documents!
7. Get Started!
Our team at Mortgage South is ready to guide you through these simple steps. If you have been looking for help with reverse mortgages in Hendersonville, TN, we are here for you!
To explore your reverse mortgage options, call Mortgage South at (423) 624-3878.