You’ve been through the process of getting a loan for a new home before. Now it is time to get a reverse mortgage, and you need to know just how to go about it, right? Nordic Home Loans has helped so many happy owners stay in the homes they love. We know just how to help make this process as clear-cut as possible for our clients.
When heading into the process of a reverse mortgage, there are very well-defined steps, and with each one we are here to help. Climbing into the freedom from a monthly mortgage bill is within your sight.
Step 1: Assessing all the options
The first step is to determine that this is the best path for your individual needs. As we have provided financial advising services for over 15 years, we can help with your questions as you review your needs and consider how this fits into your full financial picture. Nordic Home Loans offers traditional home refinancing as well, allowing you to decide which is better for you: refinance or reverse mortgage. You may even decide to purchase a smaller home, and at Nordic we can help with that as well.
Step 2: Applying
When you decide a reverse mortgage is right for you, the next step is to apply. Once you have been determined eligible, the process will take over a month to complete from beginning to end. As we discussed in our October blog, being 62 years old and having the home as primary residence is key. Nordic will be here to help you complete the paperwork, answering any questions along the way.
Step 3: Meet with a HUD approved counselor
Borrowers will meet via telephone with an independent counselor, approved by HUD, to determine you are ready to move forward. This third party will also provide counsel on how the proceeds can be useful for homeowners.
Step 4: Home appraisal
Just as with any mortgage loan, the home will need to be appraised by a professional. The appraisal will ensure the HUD requirements are met and determine the maximum amount of money the loan can provide the owner.
Step 5: Close and receive funds
The final step to receiving payment is simply to sign final documents and set up the process of receiving funds. You’ve arrived at mortgage freedom!
Nordic Home Loans is always available for your questions on this process. We welcome your inquiries and would be happy to meet with you to discuss your options and are just a phone call away. We look forward to working with you!