Reverse Mortgage
Curious about the timeline of getting started with a reverse mortgage? Here’s how it typically goes:
1) Anybody looking into getting a reverse mortgage should Google, “local CRMP” so you and your family can get properly educated by a “local certified” professional.
2) If you decide to move forward with a reverse mortgage, the first step is to complete a mandatory counseling class with a neutral third party as a safeguard to insure your best interests are being considered. This can done over the phone or in person one-on-one. The counselor will issue a certificate of completion which allows you to move forward with the rest of the reverse mortgage process.
3) You sign the loan application documents, like any mortgage.
4) An appraisal is ordered to put a value on the home so the bank knows what they’re lending on.
5) The loan goes into a lender to be underwritten.
6) The loan gets approved.
This process happens within 45 to 60 days and can be a relatively smooth process, especially when you have the right professional by your side.
