How the Reverse Mortgage Process Works in San Antonio, Texas

Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender.

Here are the steps you can expect to go through when you apply for your reverse mortgage with Melinda Hipp and Legacy Mutual Mortgage:

1. Initial Discussion
The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you’d like to know about. Then you decide whether you want to take the next step and I provide you with an estimate of funds available.

2. Counseling
If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. A list of available counselors is available from me for your use. It’s a protection device that the government has built into the process of obtaining a reverse mortgage.

3. Appraisal
Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.

4. Inspection
In many cases an inspection is required to make sure that the home is structurally sound and that there’s no extensive termite or dry rot damage. Sometimes repairs may be required and the costs can be rolled into your reverse mortgage.

5. Underwriting
After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.

6. Closing
The final step is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit.
***Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life.***

Melinda Hipp can be reached at (210) 492-4900 or melinda@legacymutual.com

Visit her website for more free reports at www.texasreverse.net