Get Started with Your Reverse Mortgage Loan Today!
At Slade, we make getting a reverse mortgage easy. We are here for you step-by-step to provide you with all the reverse mortgage information you need. Follow these steps to walk through the loan process from your first meeting with us to your closing date.
We meet 1-on-1 with you at your home or at our office to review your financial needs and how a reverse mortgage can benefit you. At this meeting, we will discuss your unique situation and figure if the reverse mortgage program is right for you.
After meeting with you face-to-face, we will request the following documents in order to complete the reverse mortgage application. These documents include:
- Most recent tax returns from the past two years.
- Your two most recent bank statements.
- Your two most recent pay stubs.
The United States Department of Housing and Urban Development (HUD) requires potential reverse mortgage borrowers to meet with an independent mortgage counselor. After completing counseling, you will receive a certificate that is needed to apply for a reverse mortgage loan. To find a HECM housing counselor near you, click here or call us at (508)-548-0177 and we can help you find a reverse mortgage counselor close to your home.
Once we have collected your documents, you will then meet with one of our loan professionals who will complete the application with you. No longer will you have to hassle with tedious loan applications and confusing paperwork. We got you covered!
From here, we will have an appraisal done on your property, which will be 100% handled by us so you don’t have to worry!
After the appraisal is completed, we will then get the decision on your loan and contact you regarding your current status. Together, we will work on the conditions of the loan until we reach “clear-to-close” status. Then, we will complete all the conditions necessary to reach this status and set a closing date for your loan.
On the scheduled closing date, an attorney or title representative will come to you day or night to sign the closing documents. Signing the paperwork will take about 30 to 45 minutes.
After this meeting, you have officially crossed the finish line! Congratulations on completing your reverse mortgage! Of course, if you ever have any questions or need any help down the road, we are always one call away for you each and every day.
Disclaimer: This material is not from HUD or FHA and the document was not approved by the department or government agency.
