Find a Reverse Mortgage Calculator in Chattanooga, TN
Taking advantage of a reverse mortgage is easier than you think. Just follow the seven steps below, and you’ll be able to enjoy a tax-free source of income and no mortgage payments as long as you remain in your home.
Contact us today to get started!
No other loan companies in Chattanooga match our expertise in reverse mortgages. Let our reverse mortgage lender help you through the process.
Seven Steps to Get Your Reverse Mortgage
1. Determine if You Qualify
The requirements for a reverse mortgage vary by lender. However, qualifying is usually easy. The amount of your loan will depend on the following factors:
- Age of homeowners (all homeowners must be 62 or older)
- Current appraised value of the home
- Current interest rate
- Borrower(s) ability to pay for property taxes, homeowners insurance, maintenance of the property, and current monthly obligations (your current monthly mortgage payment is not a factor)
2. Explore Whether a Reverse Mortgage is Right for You
We will provide you with plenty of help to determine whether a reverse mortgage fits your particular financial situation. During your free consultation, we will review multiple solutions and options together. Once we complete our exploration, you will be provided with a projection that is tailored to your specific situation.
3. Get Educated
The next step after your consultation is to set up an appointment to receive reverse mortgage counseling with a Housing and Urban Development (HUD)-approved counselor or an American Association of Retired Persons (AARP)-approved counselor. You will be well educated by us before you move into counseling. However, counseling is a really nice guideline that will help you feel even more confident about your decision.
We will give you a list of local, regional and national HUD-approved counselors. We also encourage you to seek advice from legal and financial advisors, family members, and friends (in addition to the mandated counseling).
Once your application is complete and submitted, we will schedule a professional appraisal of your home. This will determine the current market value and whether any repairs will be necessary to meet loan underwriting guidelines.
A highly experienced underwriter from our hand-picked lender will review your loan file an appraisal in accordance with the applicable FHA or lender loan policy. Once this is complete, we will contact you and review any conditions that we need to work through together before the closing of your loan.
6. Loan Closing
If your loan is approved, you’ll decide how you wish to receive the cash from the loan proceeds. Finally, you’ll sign the documents at closing. You could receive your funds from the loan companies within days after closing. Your loan officer will be by your side to ensure a smooth and pleasant closing of your loan.
7. Do You Think a Reverse Mortgage is Right for You? Get Started Today!
If you meet the criteria for qualification – and you think that a reverse mortgage is right for you – get in touch with us! Let your home take care of you just as you took care of it. Contact us today to start the process.