A Reverse Mortgage is like any other financial transaction, but it also has several steps designed to protect both you and the lender.
Here are the steps
you can expect to go through when you apply for your reverse mortgage
with Regency Reverse:
1. Initial Meeting / Discussion
The first thing we like to do is talk to you, either over the phone
or in person, about whether a reverse mortgage is right for you. We
talk about the pros and cons, how it works, how much money you might
receive and anything else you’d like to know about. Then you
decide whether you want to take the next step.
2. Counseling
If you decide that a reverse mortgage is the right choice, you receive
free independent counseling from a certified, HUD-approved counselor
of your choice to make sure that you have had all your questions answered
and that there's been no confusion. It’s a protection device
that the government has built into the process of obtaining a reverse
mortgage.
3. Appraisal
Then we arrange for an appraisal to determine the objective market
value of your home, and whether any repairs will be required to meet
Federal Housing Administration guidelines.
4. Underwriting
After the appraisal and inspection reports come in we go through all
the normal processing procedures that you might find in any mortgage.
5. Closing
The final step is the closing where you receive the money, or proceeds,
from your reverse mortgage. You can choose to receive the payment
in one of three ways: as a lump sum, as a monthly payment or as a
line of credit. We will have our closing attorney come to your home
should you wish and conduct the closing right in your home.
6. Timing
From start to finish the process can take from 6 to 8 weeks. During
that time, your will have a real person on the other end of the phone
to continue to provide answers to any questions you may have. We welcome
the opportunity to show you what a Reverse Mortgage can do for you
both now and in the future.
