How to apply for a reverse mortgage?
Reverse mortgages are a smart, simple way for 55+ homeowners to unlock some of the equity they’ve built in their homes, while maintaining 100% ownership and remaining in the home they love for as long as they wish. Reverse mortgages come with a number of unique and attractive attributes, like having no requirement for regular interest and principal payments. This is a helpful feature for people who have a lot of wealth built up in their homes but need a bit of a boost to their retirement income.
Do you think a reverse mortgage could be the right solution for you and your family? Perhaps you want to know more about the application process. This segment would guide you. The process is simple and comfortable – it’s never been easier to access the wealth you’ve grown in your home.
FREE CONSULTATION
Step 1: See How Much You Could Qualify For
All you need to provide is some basic information:
- Your age
- Your address
- A rough idea of how much your home is worth
If you’d prefer to skip this step and talk directly with me, I can provide you with a fast estimate and analysis over the phone! Just contact me or leave your contact information and I’ll call you at your preferred time.
Please consider, every reverse mortgage application is unique; yuo may need to provide additional documents and information
Step 2: Application
You’ll speak with me as your advocate, I will collect a bit of information about you and your home. This process takes about 15 minutes.
It is important to know that there is no obligation at this stage . We want to make sure you have all the information you need to make an informed decision, in consultation with your family.
I will answer any questions you might have about reverse mortgages, and how this solution could work for you.
Step 3: Counseling and Appraisal
At this point, Lenders need to appraise your property. In addition, By law, every applicant is taking a reverse mortgage must first get independent legal counseling and advice from HUD (Department of Housing and Development) agent so they can issue certificate of clearance.
This process is there to protect you and ensure that you fully understand everything you need to know about the product, and the terms and conditions of a reverse mortgage. I suggest inviting family members and accountant for this counseling.
Step 4: Be ready to sign at the closing table
In most cases processing and underwriting takes about two weeks.
You will choose a date you would like to receive the funds, and the bank account you’d like to receive them in. On this date, the funds will be transferred directly into your account, and the process will be completed!
FREE CONSULTATION
If you’re interested in learning more about reverse mortgage or you prefer to take advantage of a free consultation with no obligation, please contact me at (650)430 7886 or email me at mike@michaelparsi.com to set up an appointment.