| The process of getting your Reverse Mortgage will be similar to other mortgages you’ve had in the past. Only the advantages of a Reverse Mortgage are even better, because you’ll never make a payment on this loan while you live in the home! Homeowners are required to continue to make monthly or other periodic tax and insurance payments, and may risk default if the payments aren’t made. You will also have to maintain your property in a satisfactory manner.Here at The Senior Equity Group, its our goal to help you understand each and every step of the Reverse Mortgage Process.1. Talk with us!
Contact us now to find out if a Reverse Mortgage is right for you and if you qualify.2. Counseling is required
Because Reverse Mortgages are a big step for any homeowner, HUD (Department of Housing and Urban Development) requires that all applicants receive third-party counseling to explain all the available options and details.
3. We’ll help you fill out the application
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For many people, getting a mortgage is one of the largest investments they’ll ever make. The same goes for a Reverse Mortgage. To qualify for a Reverse Mortgage, all borrower(s) must go through counseling.
The counselor must be a third party who is approved by the U.S. Department of Housing and Urban Development (HUD). We will provide you with a list of available approved counselors in your area that you can contact by phone. Counseling generally takes an hour and can be provided in person or via telephone. They will talk to you about your Reverse Mortgage options and if a Reverse Mortgage is right for you.
Either the homeowner themselves or the homeowner’s legal representative can request Reverse Mortgage counseling. Authorized legal representatives include a guardian, conservator, or person holding a durable power of attorney who has been authorized to act in legal matters by the owner.
Counseling by a HUD-approved counseling agency is mandatory, regardless of what kind of loan you choose. Their purpose is a safeguard to educate and inform you about everything you need to know about this transaction. Having an outside party explain your options and go over the details will only help you educate yourself and plan for your future.
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