How does the Reverse Mortgage Loan Process Work?
A brief summary of the Reverse Mortgage loan process
We advise that you take the time, up front, to do your research. Read up on the Reverse Mortgage loan as much as you can. Know what it is you hope to achieve through the Reverse Mortgage. Feel comfortable with the company with whom you choose to do business. Be sure they are credible and that they are experts in the field of Reverse Mortgages. It’s best to choose a company that is local with an advisor that you can meet face to face. Contact your local Better Business Bureau (BBB) to verify they are members and in good standing. Only work with a company that is a member of NRMLA (National Reverse Mortgage Lenders Association). Require the company to furnish you with all their credentials, including company license, advisor license, and HUD approval letter.
The following is the typical procedure for obtaining a Reverse Mortgage loan. New Castle Mortgage is always available to answer any questions you have along the way. Just call us at the office location nearest you. The entire process typically takes 3-4 weeks from the time you begin, until closing. Of course you are under no obligation to proceed quickly, and you may take as much time as you need during any step in the process.