Reverse Mortgages - West Palm Beach
Over 20 Years Experience in Florida
If you are in need of a Reverse Mortgage Lender in the West Palm Beach area,
you have come to the right place.
Getting a reverse mortgage for a property located in West Palm Beach, Florida is much easier than it used to be. The process has been greatly improved upon.
Here are some typical uses for a reverse mortgage:
There are basically 5 questions that I ask up front
1.) What is your name?
2.) What is your age?
3.) What is the approximate value of the property?
4.) How much do you owe on the property?
5.) How do you want your money? Lump sum, tenure payments or line of credit?
The #1 question asked of me is: Do I keep title to my home? Answer: Yes
#2- Who gets the house after I die?
#1 & #2 Answer: Yes. And when you are done with the loan your estate has 12 months to sell the home or payoff the mortgage balance in another way. Usually the family just sells the house and divides the proceeds of sale between siblings.
Once you answer these five questions, it will take me about one day to get you a very snappy looking 67 page attachment that shows how much you can borrow, explains the different ways you can take your money and also explains all of the definitions that go along with a reverse mortgage. If you have any questions, I will be there to help you.
After you are comfortable with the estimates, every borrower is be required to complete a home counseling class over the phone.The charge is $150. This must be completed before any lender will entertain your loan. They also will make sure you understand everything. That is there job as well.
After this step we apply, do an appraisal and close fairly quickly...
Depending upon the borrower we normally can close in under 30 days...