Last week I got an email from a distant acquaintance, he and his wife are considering selling their home and somebody suggested they consider a reverse mortgage. I explained as much as I could over the phone and it made me think it may be worth sending an email explaining the process.
A reverse mortgage is designed to be straightforward and transparent.
- The process typically starts with a conversation to understand your goals, answer questions, and determine whether a reverse mortgage is the right solution for your needs.
- From there, we gather some basic information about you and your home – age, property type, estimated value of your home and location.
- Then we start the application process, collect required documentation and arrange for an independent appraisal of the property.
- Once approved, you’ll meet with an independent lawyer to ensure you fully understand the product and its implications before signing the final documents.
After closing, the funds are advanced to you, and you remain the owner of your home with no required monthly mortgage payments. Interest is added to the loan balance over time and is typically repaid when you move, sell the home, or the last borrower passes away.
I’d be happy to offer you a free copy of my book, Home Run: The Reverse Mortgage Advantage, which covers the product in more detail. Call 1-844-569-4321.
Sincerely,
Yvonne Ziomecki-Fisher
Chief Customer, Brand & Advice Officer
HomeEquity Bank