Reverse Mortgage Process Explained

[@marymaryquitecontrary]

That was quite a nutshell, Taryn! It was also exactly the information I needed next. I can attest that you really do know your stuff. Done responsibly, a RM is a valid and valuable financial tool. Done carelessly, it could be a disaster. Self-education is the key, a good source is the lock. I highly recommend you and your videos to anyone considering a reverse mortgage.

[@reversemortgageeducation]

Thank you so much! Really appreciate that feedback.😊 And happy the video was what you were looking for.

[@giljusino]

Are reverse mortgages always used to refinance? What if sell my existing home, move to a different state and buy a house. I’ll use the equity from the sale to cover $500k of the new $700k home.

[@reversemortgageeducation]

No, not always. You can, in fact, purchase a new home with a reverse mortgage. Here is a link to a video I did on this topic. :-) kzbin.info/www/bejne/boa1Z5JmZcash8k Definitely feel free to reach out if you have any further questions.

[@ronaldcambridge3126]

Thanks for the detailed analysis of the RM process,however, I noticed that there was no mention of the title company. Are we to assume that title functions are affiliated with underwriting?

[@reversemortgageeducation]

Great question! All title work is requested by the broker or lender, in the background, prior to Underwriting. Typically, after your application is signed and your personal documents have been received. And then the title docs would be part of the documents sent to the Underwriter when the time comes. Hope that helps!

[@poppa3230]

what if you have your property already appraised, but you haven’t started any other process yet? would i have to get my property reappraised through my application? or would my prior appraisal suffice? it was 6 months ago.

[@reversemortgageeducation]

Hey there! Unfortunately, you’d have to get another appraisal done within the reverse mortgage transaction.

[@BurmesePython2000]

Do I also pay for my appraisal, or is it all taken care of through my loan?

[@reversemortgageeducation]

Hi Gary. It depends on the company. Some companies will have you pay up front, others will have it paid through your closing costs, and others (like us) will give you the option as to which one you prefer. Hope that helps.😊