Let's Talk Reverse Mortgages
“At some point in every Reverse Mortgage conversation, the how long will this take, question seems to occur.”
“What do I do next?…The first two, most borrowers already do. The third recommendation, only the savvy borrowers do.
If You Need Help Now
I might be able to help. I’ve also provided a link for help
How Long Will This Take?
At some point in every Reverse Mortgage conversation, “how long will this take?,” always seems to occur. I like to give straight answers about Reverse Mortgages so, allow me to answer this one, straight up.
It usually takes about two months.
I have closed Reverse Mortgages in under a month, and I’ve taken as long as 4-months to close a loan. There are a few factors that frequently add days to the process.
- The first factor is the required HUD counseling. I’ve seen people wait 3 weeks for a face-to-face appointment. And others choose to do “same-day” counseling over the phone.
- The second factor is how soon we can get together to sign the application. Sometimes it takes a few days; other times it takes a few weeks. That includes the time it takes to gather the papers and documents we need. (These include bank statements, insurance information, mortgage statements, the signed and dated counseling certificate, trust docs, (revocable) .
- The third factor is the appraisal. Depending on how busy the appraisers are, it can take between one to three weeks to receive the completed report.
- The fourth factor is this; if something unusual comes up, we have to deal with it before we can submit the loan. On average, that adds about a week to the process. Every loan is unique, and every person’s situation is different. I learn something new and fascinating with every Reverse Mortgage I do.
If all goes well:
If the borrower recieves a prompt counseling appointment;
if we sign the application and gather the documents in one sitting;
If the appraisal comes back in a week;
If nothing to unusual or exciting comes up;
The lender can process, underwrite and return a conditional approval on a Reverse Mortgage in as few as three days. (HECM / Reverse Mortgages are not nearly as complicated as traditional / forward mortgages.)
Once we have a conditional approval, if we can meet the conditions in a week or so; it is possible to close a Reverse Mortgage loan in about a month.
If issues arise:
We deal with it together. I personally take care of everything the borrower is required to do.
If we need a document signed, I take care of that.
If we need a lien cleared, or a letter of explanation, I take care of it.
If something comes up that we didn’t anticipate, I take care of it.
Together we take care of everything that needs to get done to get your Reverse Mortgage loan across the finish line.
Sometimes it takes weeks to deal with the details, and it seems that the loan will never close. But it’s worth it when we do close the deal because a Reverse Mortgage can change a persons life. Every loan I’ve closed has changed the borrowers lives for the better. That is the Remarkable Mortgage experience.
That’s How Long This Will Take
Mark Allen Schmidt
What Do I Do Next?
There are two things you need to do, and there’s one more thing I recommend you do. The first two, most borrowers already do. The third recommendation, only the savvy borrowers do.
Two things you need to do:
One of the common perceptions about Reverse Mortgages is that they are complected and hard to understand. The first two things you need to do will help to simplify and explain the unique features and benefits that come within a Reverse Mortgage
- The first thing you need to do is make sure all your questions are answered, and your concerns are addressed. There is only one way to get the information you need; that is by getting face to face with a licensed and experienced Reverse Mortgage lender. Talk to someone who has the ability to explain the Reverse / HECM program, and who is authorized to offer you a deal that is right for you.
- The second factor is; the required HUD counseling. Every person who is involved in the Reverse Mortgage process: (Borrower & Co-borrower, Power of Attorney, Non-borrowing spouse) is required to attend a HUD approved counseling session.
After you have done the first thing, (questions and concerns answered) your lender will give you a list of HUD approved counselors. You can contact any organization on that list and make a counseling appointment. Every person I have worked with has told me the counseling session was worth the time and effort.
My bonus recommendation for the Savvy borrower
Compare offers between at least two lenders. We do it when we buy cars, when we sell our homes and when we book a vacation. Lenders are providers of a service. We have to compete and we have to offer the best terms and provide the highest value to our customers. Let’s take a peek behind the curtain.
One of the major differences between an FHA Reverse Mortgage, and a Traditional or Forward mortgage is this:
When you take out a Forward Mortgage, you might negotiate the interest rate, the origination fee and some of the loan costs.
When you take out a Reverse Mortgage / HECM loan, you can negotiate almost all of the costs; Interest rate, origination, the loan fees and even the appraisal.
You can make a much better deal on a Reverse Mortgage is you work with a lender who is willing to deal. That’s why I’m taking you behind the curtain, and that’s why I’m recommending that you get a second opinion from an experienced and highly reputed lender.
If you live in Colorado
I’d like to have the opportunity to show you what kind of deal I can offer. I’m the owner and I’m the broker, so I have the ability and the authority to make deals. If you already have a proposal from another lender, let me look it over. I’ll give you the straight scoop on what is best, even if it means working with another lender.
That’s What You Need To Do Next!
Mark Allen Schmidt
What If I Need Help Now?
I Understand, Reverse Mortgages Can Be Confusing
My job is to help you figure out whether or not a Reverse Mortgage is right for you. Then, help you get the Reverse Mortgage that is right for you. Sometimes my job is to help you when you aren’t sure what to do. For example, family members will call me and say, “My parent passed away and they have a Reverse, what am I supposed to do?” I send them this: what do I do when my loan is due.
If you have a question or a problem, and I can help, please call me. I’ve listed some the things I might be able to help you with. If you don’t know, get in touch with me and I do what I can.
First, let’s figure out what kind of help you need. Then we can figure out how to get the help you need.
If you are interested in doing a Reverse Mortgage, sooner rather than later: I can help.
If you would like a 2nd opinion and a competitive quote on a Reverse Mortgage; I can always help with that
If you are facing foreclosure, and you are 62 or older: I will find out if I can help you.
If you or your spouse are on Medicaid, you should look into a Reverse Mortgage: I will figure out if I can help you.
If you have started the Reverse Mortgage loan process, and you’re not happy with your lender: I might be able to help.
If you have a FHA case # and a current FHA appraisal, I might be able to help.
If you’ve been turned down by another Reverse Mortgage lender, and you don’t understand why: I’d like to try to help.
If you’ve called a phone # from a TV or internet ad, and you’d like to talk with a the local guy, I can help you. Who You Gonna Call, Tom or Mark?
I Hope This Helps!
Mark Allen Schmidt