The CT Reverse Mortgage Process
Process & Steps to obtaining a Reverse Mortgage from CT Reverse Mortgage
STEP 1
Information - Gather all of the information you can for CT Reverse Mortgage. You are doing that now! Before you know whether or not a reverse mortgage is right for you, you must educate yourself about what they are and how a reverse mortgage from CT reverse mortgages will work for you. Many seniors consult with their loved ones before making the decision to go forward. CTReverseMortgage.com is here to help with this essential first step and we will be happy to meet with you and your family member or trusted advisor. Learn from this website and from the links to other websites on our Resources page, then give us a call.
STEP 2
Application - Depending on what is best for you, a CTReverseMortgage.com representative will either visit you in your home or you may visit us at our conveniently located central CT offices to prepare an application and other disclosures to read and sign. We will discuss your needs and the benefits of a reverse mortgage in a "no pressure" environment. You will receive a copy of the application and sample loan documents from your CT reverse mortgage specialist. We request a copy of your photo ID and social security or Medicare card and the name and phone number of your homeowner's insurance agent. If you have an existing mortgage to be paid off, CT Reverse Mortgage will need the name of the lender and loan number. If you have a living trust, we will need a complete copy of the trust. CT Reverse Mortgage can do loans with current mortgages in place, property in trust and properties that are held with "life use". Give our specialists a call to discuss your specific situation.
STEP 3
Counseling - You must fulfill the mandatory counseling requirement before you can obtain a reverse mortgage. This is a one time session which will take from 30 minutes to one hour depending on how many questions you have. Your CTReverseMortgage.com representative will help you select an authorized counselor. You may visit this counselor or have your meeting by telephone. You will learn about the programs that the CT Reverse Mortgage specialist had discussed with you. At the conclusion of this meeting, you will receive a certificate stating that your counseling is complete. You will need to sign this certificate and send to us. This is an easy but neccessary step in this process that protects you and gives you an opportunity to clarify any issues.
STEP 4
Appraisal - We will arrange for an appraisal of your home. The appraiser will call you to make an appointment for a time that is convenient for you. The appraiser will submit his appraisal of your home to CTReverseMortgage.com and we will provide a copy for you. The value of your home as determined by that appraisal will help determine the amount of money you will actually receive from CT Reverse Mortgage.
STEP 5
Approval - When we have all of the necessary documentation, we will submit the reverse mortgage package for approval to our HUD endorsed underwriter. When the loan is approved, CT Reverse Mortgage will verify with you how you want to receive payment of your loan and we will arrange for a meeting at your home to sign the loan documents.
STEP 6
Funding - After you sign the reverse mortgage loan documents, there is a mandatory three business day waiting period during which time you may still cancel the loan. After the waiting period, if you choose not to cancel, you will receive payment of your loan as you requested. Your CT Reverse Mortgage specialist will go over all of the details with you.
STEP 7
Enjoy your life - Carry on with your life. Begin to travel, golf, enjoy lunch with friends. Or, do all of the things YOU always wanted now that you have the peace of mind that comes with financial independence.
Call for more information or click here and answer a few general questions to have a qualified Reverse Mortgage Specialist call you with specific answers to your specific situation. Our handy comparison chart is also available here for your convenience.
