Reverse Mortgage Process
Texas Based. Texas Experienced.
Reverse Mortgage Process
Identifying a Local Texas Reverse Mortgage Specialist
The first stage in your reverse mortgage journey is choosing a seasoned, Texas-based lender. Remember, reverse mortgages aren’t just ordinary loans; they need the specialized know-how of a professional who’s completely devoted to this field. You’d be wise to choose a team like ours where reverse mortgages are our sole focus. Be wary of those who suggest reinvesting your reverse mortgage proceeds. It’s critical to inquire about the lender’s experience, particularly in Texas, where the regulatory environment is unique. Our team, for example, boasts almost 20 years of assisting Texans with their reverse mortgages.
Before we embark on this journey, we need to chat. Whether it’s over a cup of coffee or a call, we’ll explore the ins and outs of reverse mortgages: the advantages, drawbacks, the expected payout, and everything in between. Once you feel comfortable and decide to proceed, we’ll discuss the financial assessment to determine your qualification.
Once you’ve decided that a reverse mortgage fits your circumstances, the next stage involves counseling from a certified advisor approved by the Texas Department of Savings and Mortgage Lending. The goal is to ensure that you’re completely clued up and have all your concerns addressed. Concurrently, we’ll walk through the loan application process together, making sure every question you have gets a thorough answer.
After completing counseling and the application, it’s time to get your home appraised. This step determines the current market value of your property and identifies any necessary repairs to meet FHA standards.
Once your property has been appraised, we’ll get the ball rolling on processing your loan. Our expert team will manage your file, ensuring you’re always updated on the process. And remember, we’re just a call away for any questions. Our number is 972-388-3338.
Once we’re done processing and your appraisal is in hand, your loan heads to the underwriting department. The underwriters review your loan package in its entirety and make the final decision.
Finally, we arrive at the loan closing. This is when you get your reverse mortgage funds, distributed just the way you requested. This concludes the reverse mortgage process, paving the way for a more financially secure future right here in Texas.
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Lone Star Reverse Mortgage, Inc.
207 Keel Way
Horseshoe Bay, TX 78657