11/14/2023 0 Comments Nrmla reverse mortgage calculatorAnd you can choose whether to make monthly mortgage payments. A reverse mortgage makes it possible to access the equity you’ve been building – without having to sell your home. Purchase loans are typically recorded and funded within two business days.You’re not alone if money’s a concern as you think about the future. After the three-day “waiting” period, funds are disbursed and recorded with your County. Step 7: Disbursementīy law, refinance loans have a three-day right of rescission to cancel the loan. Once the documents are fully executed they will be returned to Guarantee Mortgage for funding. Signing the final loan documents takes about an hour. When your loan receives a final approval we will set up a signing appointment at the Title Company or a Mobile Notary who will go to a location convenient to you. The underwriter then goes into a review process and may request further documentation. Once we have received all of the preliminary reports, inspection reports, and reviewed the loan package for completeness and compliance, we submit the loan for review and approval from the underwriter (the person who approves the loan). It usually takes 1-2 weeks to receive a completed appraisal and title report. At this time we also open escrow to order a title report and ensure that there are no Federal or State tax liens on the property. The appraiser will follow a process to determine the value of your home. Once we have received your signed and dated counseling certificate and have completed the application process, we will coordinate for an appraiser to go out to your home. The application can be done in person with a Reverse Mortgage Specialist or via mail. Upon completion of Reverse Mortgage counseling it is time to schedule an appointment with one of our knowledgeable Reverse Mortgage Specialists who will guide you through the paperwork package. Sessions generally range between 1-2 hours and are often done over the phone but you have the right to receive face-to-face counseling if desired. Pending on available State and Federal funding, this cost may be waived by the counseling organization. There is a cost associated with this mandatory service that averages $125 per session. Counseling is mandatory however we look at it as an educational checkpoint to confirm your research. Once you have completed your research and have determined that you want a Reverse Mortgage, you must attend Reverse Mortgage Counseling. Department of Housing and Urban Development (HUD) found at. Īnother great industry resource is the U.S. We recommend you consult other organizations for information such as: The National Reverse Mortgage Lenders Association (NRMLA) which is the “national voice and conscience of the reverse mortgage industry.” You can find them at. Within this consultation we will help you to evaluate each option available. Step 1: Education and ResearchĬontact one of our knowledgeable Reverse Mortgage Specialists and we can create a comparison of available Reverse Mortgage programs that fit your specific situation. The following steps are here to help guide you and give you an idea of what to expect throughout the process of obtaining a reverse mortgage. We know this type of decision can at times be daunting we encourage you to seek advice and counsel of those you trust the most, whether it be family, an attorney, a financial planner, a tax specialist or other trusted professional. We are here for you every step of the way, helping you understand and customize a loan that meets your unique situation. At Guarantee Mortgage we make it as easy as possible for you to obtain a Reverse Mortgage that works for you. Reverse Mortgages have helped thousands of seniors remain in their homes and create a more solid financial foundation.
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