Process Of Getting A Reverse Mortagage
8 Steps To Getting A Revere Mortgage in Coos Bay Oregon
Getting a reverse mortgage in Coos Bay is fairly simple – get educated first, then choose someone you can trust to get the loan completed for you in a timely manner.
Here is the quick and easy process:
1. Contact – Call me and speak with me about what reverse mortgage programs are available to you, find out if you qualify, ask questions, get educated.
2. Review your needs – Discuss the Reverse Mortgage, answer any questions you have and determine if it is appropriate for you. Then set up an appointment so one of our Reverse Mortgage Consultants can visit you in your home, or speak with you during a preset conference call. Please feel free to invite anyone you think should be informed to this visit / call.
3. Counseling – You will be provided a list of independent HUD certified counselors to let you double check all facts and be sure that you understand the Reverse Mortgage. Counseling is required by law and provides you with additional peace of mind.
4. Application – During the in-home visit we will explain all the features, costs, payment options, and thoroughly answer all of your questions. Only when you are satisfied will you begin the application process.
5. Appraisal/Inspection – Your contact will handle all of the appraisal and pest inspections and you will be notified of the dates and times to expect each one.
6. Approval –The loan package is submitted to underwriting for approval.
7. Closing – Once all the detail is completed you will get a call to set a closing date, at your home and to double check that all the details are as you requested.
8. Funding – After the three day right of recession you will receive requested funds, any existing liens will be paid off, and your reverse mortgage will be working for you.
The goal is to ensure that you are kept informed without worrying about details. When you choose a top company to assist you, your mortgage consultant will take care of you from start to finish.