Planning for Your Retirement With a Reverse Mortgage Loan
Planning your retirement can be a lot like preparing for your wedding day. Many thoughts are going through your mind. Do we have enough money to afford this? Is now really the right time? Am I ready to make this commitment? However, for most people that waited longer to retire or get married, they wished they had done so sooner.
Why wait until age 65 or later to retire when it is possible to do it sooner? By using a reverse mortgage loan on your house, you may be able to retire earlier than you thought. Your retirement years are precious, and you deserve more of them. Turning some of the equity you already have built up in your home into available cash flow could allow you to enjoy retirement at an earlier age.
Just like getting married, most people don’t just do all the planning on their own; they often rely on a wedding planner to help answer all of their questions and provide them with the guidance they need. At Fairway, all of our reverse mortgage planners have taken additional training to be able to answer the question you and your family has. It’s not just an initial appointment; there is constant communication during the whole process. We understand this is a big decision and there can be surprises along the way and we have the experience to help you with them.
The best part is that we have many reverse mortgage planners across the country to help you in most cases to meet with you face to face. You wouldn’t hire a wedding planner that lives across the country working in a phone room. We understand you want to be able to rely on the support of your right-hand person knowing they are there for you on your big day helping fix any problems that could arise.
Just like every wedding should have a schedule we wanted to share with you how the reverse mortgage loan process works. In general, it averages around 30 days to close depending on how quickly you can provide us with the documents and how things go with the appraisal.
- Pre-Qualification: Review Fairway’s Items needed list and meet with a reverse mortgage planner
- Apply for The Loan: See Fairway’s Items Needed List for updated documents required to complete your application
- Receive Counseling: Get counseling from a HUD-approved counselor and obtain a certificate of eligibility
- Meet with Reverse Mortgage Planner: Complete your application, sign disclosures, and provide any remaining documents to your Fairway Reverse Mortgage Planner
- Appraisal: Appraisal is completed to determine value and eligibility
- Underwriting: An underwriter will review your loan application and determine if additional information is needed.
- Final Loan Approval: Once all information has been approved, your loan is moved to “Clear to Close” status
- Closing Instructions: Closing instructions are sent to Title/ Attorney to prepare the HUD Settlement Statement.
- Closing Documents: Closing documents are sent to the title company
- Closing Preparation: Fairway will contact you with the final figures and information
- Final Closing Step: Meet to sign closing documentation at the title company. Bring your Photo ID!
- The Loan Is Funded!
It’s always wise to seek professional guidance and help for your retirement. Think of all the hard work that went into planning your wedding day. It’s the same concept; it’s best to work with people that have done this and are experts in the field. And, if you're looking to get a head start on your planning, you can use our reverse mortgage calculator to see what you may qualify for.
Once you're ready, ask a local reverse mortgage planner to help you understand the facts and features of a reverse mortgage loan.
Interested in learning more?