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HOW THE PROCESS WORKS
Getting a reverse mortgage involves a number of steps:
1. Initial Discussion
The first thing we look to do is talk to you about whether a reverse mortgage is right for you. We talk about the pro’s and con’s, how it works, how much money you might receive and anything else you’d like to know about. Then you decide whether you want to take the next step.
- Counseling
If you decide that a reverse mortgage is the right choice, you receive a free independent counseling from a certified, HUD-approved counselor to make sure that you have had all you questions answered and there is no confusion. This step is a protection device that the government has built into the process.
- Appraisal
Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet the guidelines.
- Inspection
In many cases the inspection is required to make sure that the home is structurally sound and that there’s no extensive termite or dry rot damage.
- Underwriting
After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.
- Closing
The final step is the closing where you receive the money, or proceeds, from you reverse mortgage. Then it’s up to you on how to use the
money.
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