Reverse Mortgage Application Process

Everyone benefits from extra cash, especially homeowners in their retirement years. While options for generating additional retirement income were once extremely limited, reverse mortgages use home equity to give today's older adults greater financial flexibility.

How Long Does It Take to Get a Reverse Mortgage?

Getting a reverse mortgage takes 30 to 45 days and requires a seven-step application process. However, it's best to take your time deciding if a reverse mortgage is the right option for you.

Key Takeaway for Reverse Mortgages

  • While homeowners do not need to meet a certain standard for their credit score to qualify for a reverse mortgage, the institution you choose will need to evaluate your financial status to ensure you are up to date on any federal debt.
  • You can complete the reverse mortgage program in as little as a month. If you live in a remote area, you may experience delays due to hurricanes and other natural disasters.
  • A reverse mortgage loan is an excellent way to use your home equity when you need additional cash.

The 7 Steps to Apply for a Reverse Mortgage

After going through the decision-making process, your next move is to complete the following steps:

1. Initial Application

The initial application details all fees, interest rates and loan proceeds the application includes. Completing your initial application enables the lender to begin the reverse mortgage process as soon as you finish counseling. Remember, you can cancel the application at any time without consequences.

2. Reverse Mortgage Counseling

Once you submit your application, your next step is to enter a counseling session with a federally insured counseling agency to decide if a reverse mortgage is the right option. During your counseling appointment, you and your counselor will discuss the benefits and potential drawbacks of a reverse mortgage as well as alternate options.

3. Counseling Certification

If you continue with the reverse mortgage process, you meet with a notary to sign a certification of counseling and any primary paperwork. The initial paperwork can include documentation of income, assets, credit history and any additional liens.

4. Appraisal

You may need to have your home appraised after you submit your supporting documentation, counseling certificate and signed application. During the appraisal, the appraiser may take pictures, measure the square footage and examine any recent upgrades and renovations.

To accurately separate renovations from general maintenance, the appraiser may enter your home and examine every room. Upgrades such as a renovated kitchen will generally result in a higher evaluation value. Other improvements, such as a roof replacement, are general maintenance and do not add value to the property.

5. Underwriting

Once the underwriter receives the official report from the appraisal, they will analyze your credit risk to look for problems like debt and existing liens. If there are any issues, the underwriter will work with you to correct the problem. Typically, the borrower can submit an explanation letter to resolve any issues. In extreme cases, the borrower may need to complete additional paperwork.

6. Closing

If you receive approval for your loan application, you will schedule a date for closing with an attorney or title agent. You sign the final documents at the closing to become an official reverse mortgage borrower.

7. Funding

The final step of the reverse mortgage process is funding, where you authorize the loan application. Your attorney or closing agent can come directly to your home or another location to examine the paperwork once more before closing. After authorizing the application, schedule a closing document signing with a lawyer or title agent.

You can also choose whether to accept your money as monthly payments, a lump sum or credit.

Apply for a Reverse Mortgage Today

At Senior Lending Corporation, we are proud to be an essential part of the retirement journey for homeowners. Whether you need assistance with an initial consultation or closing, our expert team will provide personalized and prompt service to meet your needs. Call us at 800-822-1190 or complete our online contact form to see if you qualify today!

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Choose Senior Lending For Your Reverse Mortgage Partner

1. Trusted Partner

Senior Lending has been providing Florida homeowners with reverse mortgages for over 25 years. We blend relationship-driven service with exceptional product knowledge to achieve our client's financial retirement goals.

2. Safeguard Your Reverse Mortgage Application

At Senior Lending Corporation, we prioritize your trust, satisfaction and financial security. Wherever you are in Florida, applying for a reverse mortgage is safer and easier than ever:

  • Non-Recourse: FHA ensures that you can never owe more on the loan than what the house is worth when the HECM is repaid. All remaining equity belongs to you or your heirs.
  • FHA-Approved Counseling: Your third-party counseling session will be with an FHA-approved counselor. A trustworthy professional will give you helpful information, knowledgeable insight and peace of mind.
  • FHA Fee Limitations: The closing fees are limited and regulated by FHA for your protection and financed for your convenience.
  • No Pre-Payment Penalties: You can get a penalty-free head start on your repayment anytime. Your loan isn't due until you sell your property or move out permanently.

3. Personalized Solutions

Your personal Advisor will listen to your needs and show you how the HECM loan can secure and enhance your retirement and quality of life. From initial consultation to closing and any point in between, your Advisor is there to quickly provide answers to your questions while working at your pace.

Apply for a Florida Reverse Mortgage Today

Let Senior Lending Corporation be a part of your retirement journey. From the initial consultation to closing and any point in between, your advisor will provide prompt answers to your questions. Work at your own pace knowing we're just a phone call away. Our experts have received extensive training so you can feel comfortable knowing we'll match you with a program that fits your needs.

Give us a call at 800-822-1190 today or get qualified online to start retiring your way!

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