The Easy 4 Step Process
Step 1: Get in touch with us today to discuss if a reverse mortgage is right for you. In our initial conversation we will discuss your needs, and current financial situation to determine if a reverse mortgage is right for you. In this introductory conversation we will take a look at your age, home value, existing mortgage, and debts, so that we can give you an accurate recommendation based on your current situation.
Step 2: If a reverse mortgage is right for you, we will get your mortgage application started with the lender. Once, the lender has received your mortgage application, a representative will get in contact with you to explain the process further, and answer any questions you may have. The representative will order an independent appraisal to determine the market value of your home.
Step 3: When the lender receives the appraisal, the representative will contact you again to let you know the exact amount of money you are eligible to take out of your home. If you decide to proceed you will be required to obtain Independent Legal Advice. For details about your meeting with your Independent Legal Advisor click here. The Reverse Mortgage Lender will then forward the reverse mortgage contract to your solicitor’s office where he/she will witness your signatures. Lastly, your solicitor will forward the sign documents to the Reverse Mortgage Lender.
Step 4: Within 2- 5 days from the time your legal advisor forwards the reverse mortgage contracts to the lender, you will receive any lump sum funds, and/or start receiving reverse mortgage income.