We provide an analysis with preliminary information on the loan amount, usually with a comparison of different options (Fixed & Variable) that includes an estimate of the closing costs.
The summary includes information on a Reverse Mortgage FAQ and the HUD required counseling information.
In most cases the application is done in the borrower’s home on occasions involving the use of a Notary.
At the time of the application the lender may require a credit card authorization to pay for the Appraisal – some lenders have the Appraisal Company obtain the credit card info when they call to schedule the appraisal, which is usually completed in a week to ten days.
Applications are submitted to processing for review and collection of additional information when the file is complete it is sent to underwriting for final review and approval- start to finish is usually 30 days +/-.
Once approved, settlement is scheduled at the borrower’s home. There is a 3 day Rescission Period after settlement before the funds are disbursed.
For more information visit myrmagent.com/fneubauer or call or email Frank Neubauer – 410-707-4577 – email@example.com.