What is the process for a Reverse Mortgage?
These basic steps describe the application process.
Your application begins the Revere Mortgage process with the lender. It specifies fees, interest rates, loan amounts, and more.
At this point you will begin collection the documents required to be approved for the Reverse Mortgage. These may include such things as: mortgage statements, homeowners insurance, survey of your home, bank statements, ID’s, paystubs or other proof of income and tax returns.
Reverse Mortgage Counseling
Your lender is not allowed to proceed until you complete mandatory counseling with a HUD-approved counselor. List of approved agencies are available from the lender or online atwww.hud.gov.
In order to proceed, you will need to know the market value of your property through an FHA-approved appraisal that the lender will order.
For underwriting, legal ownership is confirmed in a title search. If someone remains on the title that no longer lives in the home or is deceased, additional paperwork may be required to clear title. The underwriter will also review the appraisal, the financial assessment and insure the loan is in the best interest of the borrower and the lender.
At closing, all aspects of the loan are reviewed and signatures obtained on final loan documents with a notary and after a three day waiting period you will receive the money, or proceeds, from your reverse mortgage. On a Purchase, the loan will fund the same day. On a Refinance, you can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit. Then it’s up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life.
To find out more about how a Reverse Mortgage can work for you call Melinda Hipp , CRMP with Open Mortgage at 210-493-7332, email at firstname.lastname@example.org or visit texasreverse.net to learn more.
More about Melinda Hipp and Open Mortgage -
Melinda Hipp is Branch Manager with Open Mortgage|San Antonio and specializes in working with senior homeowners 62 and over who would like to access the equity in their home through a Reverse Mortgage. She has handled hundreds of satisfied Reverse Mortgage clients over the past ten years with many raving fans. She and her team are dedicated to giving you boutique service, a quick closing and personalized customer service.
Melinda regularly provides training to local real estate professionals and holds the designation of MBA, CRMP (Certified Reverse Mortgage Professional) and CMC (Certified Mortgage Coach.) Melinda is also an active member of NRMLA (National Reverse Mortgage Lender’s Association). An avid golfer, Melinda was a charter member of the San Antonio Chapter of the Executive Women’s Golf Association. She is currently a member of the National Reverse Mortgage Lender’s Association, Women’s Council of Realtors, San Antonio Board of Realtors, CRS and a board member of Golf San Antonio.
Melinda Hipp, CRMP | NMLS #219085
1870 W. Bitters Rd., Ste. 202
San Antonio, TX 78248
Toll Free: 844-265-5513