Guide to Reverse Mortgage

Attorney Tommie Harsley's Guide to Reverse Mortgage

Managing finances is hard at every age, but it gets especially tough if you’re retired and learning to abide by a very strict budget. More often than you think, people underestimate the amount of money needed to live comfortably after retirement and find themselves in a bit of a pickle financially. If this is something that you’re struggling with, then you may want to consider applying for a reverse mortgage.

A reverse mortgage is basically a loan against the value of your home that you don’t have to pay back until you die or move out of the house. The loan is paid out in monthly installments and can really help supplement your income if you’re on a fixed budget. Not only that, but the interest on the loan is not tax-deductible like it is with a regular mortgage, so it’s quite beneficial from a financial standpoint.

Applying For a Reverse Mortgage

Step 1 – Submitting the Initial Application

The first step in applying for a reverse mortgage is to submit an initial application. This can be done online, over the phone, or in-person at a lending institution. You’ll need to provide basic personal details and information about your home. Once you’ve submitted the initial application, a loan officer will contact you to discuss your options and answer any questions you may have.

Step 2 – Getting Counseling

After submitting the initial application, the next step is to get counseling from an approved counseling agency. The government requires this particular step to make sure that you understand all of the implications of taking out a reverse mortgage. The counseling session will last about an hour and can be done over the phone or in person.

Step 3 – Appraisal

According to Attorney Tommie Harsley, the next step is to appraise your home. The lender will usually pay for this, but it’s important to make sure that you get a professional appraisal so that you know how much your home is worth. This will determine how much money you can borrow against your home. Read more.

Location: United States

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