Texas Senior Lending has worked with a diverse group of customers with different needs when it comes to applying for a reverse mortgage. Our priority is to make sure that customers are familiar with the step by step process and have a good understanding of what is needed. We put together a list of steps for you to read before you make the next step.
- HUD Counseling
One of our HUD approved counselors will set up an appointment with you to review the documents. A counseling certificate will be provided to you to begin the next steps of in applying for a reverse mortgage.
- Start the Application
At this stage, the Reverse Mortgage Consultant will meet with you to review the application that needs to be signed. When you sign the paperwork, you are not committed to the actual loan. This gives the Consultant time to review the documents before making a decision.
- Application Process
After you completed the application, Texas Senior Lending will have an appraisal completed on the property to see how much the reverse mortgage will be. There will also be a Title report ordered to ensure there are no liens on the property.
- Important Paperwork
The loan application is than sent to the lender and a package will be sent shortly after with the disclosures. The paperwork will need to be signed and returned as it is a legal requirement for this information to be a part of the application for the underwriter to assist.
The underwriter might contact you for more information to add more details to the loan application. It is also their responsibility to contact you and let you know whether the application was approved or declined.
- Being Approved for the Loan
If the underwriters approve the loan application, Texas Senior Lending will contact you with the good news that the loan is approved.
- Closing of the Loan
Once you are approved for the Reverse Mortgage, we will schedule a time to close on the loan. A notary or your Title Company will need to be there to present the documentation.
We hope this has helped you get a better idea that will help you with your experience with us. Please give is a call today at 1.888.638.5030.Tags: reverse mortgage