The Loan Process
These are the steps to arrange your Reverse Mortgage Loan1. Have an introductory meeting, either in person or over the phone to determine what your needs are and if a reverse mortgage is the right product for you.2. If we determine that a reverse mortgage is right for you, I will inform you of how much you would be eligible to receive and the costs involved. 3. Next step is the application process which is completed by the lender and an appraisal will be ordered. 4. Once the appraisal is done you will know the exact amount you will be eligible to receive. If your application and property meets the lenders criteria, a loan offer will be made for you to review and approve. 5. You will be required to obtain independent legal advice about your decision. You will sign the documents with your lawyer who will return them to the lender. 6. Funding usually occurs within 1 to 2 weeks of signing the final paperwork, either in the form of a cheque to you or your lawyer, or deposited directly to your bank account. The choice is yours. 7. Enjoy your tax-free money! |
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