An overview of the loan process

An overview of the loan process

Make no mistake, there's a lot involved in getting a reverse mortgage loan. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is do most of the heavy lifting for you, so you can concentrate on what's important for your retirement years, saving money, or making plans for your future.

There are four main steps involved in getting a reverse mortgage loan. You'll see that we've made your part in them as easy as possible, and we do all the work! That's what we're here for.

Step one: determine how much you can borrow

This is a function of several things. And given the uniqueness of a reverse mortgage, they are NOT what you may expect. First is the age of all borrowers on title, currant interset rates and the value of your home, these are the things the lender looks at to determine how much they will loan you? They do not care about your credit score or your income.

You can get a rough idea of by using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of program will suit you best.

Step two: pre-qualify for your loan

This is where you supply information by filling out the initial application. We will need your birth date, address, Names of all borrowers on title and their ages, how much you owe on your home. We get your permission to run your credit score. When we review all this information we , help you find the reverse mortgage product that's right for you.

Step three: We make it easy

Once we hav e collected all the required information, it's time for us to get to work processing and underwriting your loan. It couldn't be easier, and you can do it online, right here at our website. When the time is right, we'll order an appraisal of your new home.

Step four: your loan is funded

Your loan officer will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office. After the three day recession period you can pick up your check or start receiving monthly payments, depending on the program you have choosen.

You've answered a few questions, given us some detailed information, applied online, by mail or in our office and next thing you know, you've got extra oney in your pocket to enhance your lifestyle in retirement! We're in the business of reverse mortgage loans, you're not -- so we do most of the work. Doesn't that make sense?

Seniors, Amarillo Reverse Mortgage can help you retire in your home with no monthly payments.