Reverse Mortgages Next Steps
Next Steps – Reverse Mortgages
The following steps are what you can expect if considering applying for a Reverse Mortgage with Remington.
To initiate this process, you can complete the simple Reverse Mortgage Request Form below or call us at (248) 799-5120 or (800) 200-2007.
How to Obtain a Reverse Mortgage
Step One: Meeting
The borrower(s) first speaks with one of our Reverse Mortgage consultants to so we can learn about your financial needs, explain the benefits of a Reverse Mortgage and help determine if a Reverse Mortgage is right for you.
Step Two: Application
If you and the Reverse Mortgage consultant decide that a Reverse Mortgage will benefit you, the loan consultant will help you complete an application.
Step Three: Counseling
Before you can get a Reverse Mortgage, the government requires you do a counseling session with an independent U.S. Housing and Urban Development (HUD) approved counselor. The purpose of counseling is to inform and educate you about everything you need to know about Reverse Mortgages. A counseling session can be done in person or over the phone and it generally takes about 30-45 minutes.
Step Four: Appraisal, Underwriting, and Approval
After your counseling session is complete, an appraisal will be done and your loan file will be sent to the underwriter for approval. There are no credit or income requirements with a Reverse Mortgage.
Step Five: Closing
As soon as your Reverse Mortgage is approved someone from our office will contact you to have a closing agent come directly to your home for the closing. You will receive your proceeds from the Reverse Mortgage within a few days. If you have an existing mortgage or home equity loan, a payoff will be sent directly to the company and you will never have another house payment.
To speak with some to initiate this process, please call Remington Senior Funding at (800) 200-2007 or (248) 799-5120. Or, use the confidential Reverse Mortgage Request Form below:
Reverse Mortgage Request Form
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