3 Steps to Getting a Reverse Mortgage

In order to get a reverse mortgage, there are a number of steps that you will need to complete. Here are the basic steps that are involved in getting a reverse mortgage.

1. Locate a Lender

The first thing that you need to do is locate a lender that offers reverse mortgages. They will need to have access to FHA lending programs. Shop around to find a lender that has the lowest interest rates and closing costs.

2. Apply for the Loan

You will then need to fill out a loan application with your chosen lender. They are not going to check your credit or how much money you make. Instead, they are going to ask questions to determine if you are old enough and if your property meets the specific guidelines for the reverse mortgage program.

3. Informational Session

As part of the requirements for the reverse mortgage program, you will have to attend an informational session about reverse mortgages. This session must be administered by a certified counselor that is approved by the FHA. They are going to look at your situation and help you determine if a reverse mortgage is in your best interest. They will also make sure that you understand how much money you can qualify for with this type of loan.

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