Last week we talked about reverse mortgages, and how they can help ease financial struggles for seniors. This week, we'll cover the fundamental steps in obtaining a reverse mortgage.
The first step is to consult with a reverse mortgage specialist who will answer any questions and tell the senior how much money is available. The next step is to meet with a representative to talk about the different products and help them choose the one that is right for them. Seniors may want a family member to sit in on this discussion so everyone is aware of the process and benefits.
Next, the government requires an independent counseling session, at which time an objective party will answer all questions and dispel any confusions.
After the consultation, a home appraisal is done to determine the value of the home. Once the value is determined, all the paperwork is completed and signed. At that time, the senior can decide whether they want monthly installments on their loan, or a lump sum payment. The money is theirs to spend however they wish.
Consult Ken Dellutri, Reverse Morgtage Specialist with American Portfolio Mortgage to see how a reverse mortgage can help you. 888-302-2762