How to apply for a Reverse Mortgage

older man applying for a reverse mortgage
Mark Price
October 17, 2022
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older man applying for a reverse mortgage

Is a reverse mortgage something you and your loved ones might benefit from? Maybe you're curious about the application procedure. Accessing the equity you've built up in your house is now easier than ever.

Step 1 (Optional): Find Out How Much You Could Qualify For

Get a Free Estimate to see how much equity you may be eligible for:

  • Your age
  • Your location
  • A rough idea of how much your home is worth

If you'd rather skip this step and go straight to speak to us directly for an estimate, we are available by phone.

Either dial 250.212.44.24 or leave us your contact information here and we will call you at your convenience.

click to talk about a reverse mortgage

Step 2: Apply

We are here to help you find the best financial situation for you! Did you know that there are three lenders that provide reverse mortgages? Chip reverse mortgage may be the most well know lender, but the other two have different options, rates and fees that all need to be investigated. We will be happy to discuss your situation and answer any questions you may have about Reverse Mortgages and how they may help.

We will need to ask you some questions about you and your home, which should take about 15 minutes.

Keep in mind that there is now zero commitment on your part. We want you to be able to talk it over with your loved ones and make a well-considered decision based on the facts.

After that, we'll take a look at your information to see if you qualify for a reverse mortgage and, if so, how much of a loan you could get. An assessment of your home may be required as part of this procedure.

Step 3: Receive a Commitment

After your application, we will fully review the commitment from the lender who has offered you the best rate and terms.

We will then take as much time as necessary talking to you about the reverse mortgage commitment and we will be happy to answer all of your questions.

To reiterate, you have not committed to anything at this time.

We hope you'll take the time to discuss a reverse mortgage with your family and advisors, and ensure that the best option for you is a Reverse Mortgage.

Step 4: Get Advice

Customers who are interested in obtaining a reverse mortgage are required by law to seek outside legal counsel. This procedure is in place for your safety and to guarantee that you are well-versed with the product and the reverse mortgage's terms and conditions.

If you need a referral to a local attorney, we will be happy to provide you with several good lawyers.

Once you've decided on a lawyer to deal with, we'll have them check the mortgage paperwork and make sure everything is in order for you before proceeding. They will then schedule a meeting with you to talk further and answer any questions you may have.

You are not obligated to enter into a reverse mortgage until you sign the mortgage forms.

Reverse mortgage legal fees are often paid from the loan proceeds, so you won't have to shell out any cash up front.

Step 5: Access Your Equity

When you are ready to move forward with the mortgage process, your attorney will assist you in signing the necessary forms.

You are free to put the money toward anything you like, such as:

  • Keeping up with weekly expenses
  • Pay for home improvements.
  • Give your kids or grandkids some money for a house down payment
  • Pay for a dream vacation.

This decision is entirely up to you! The decision-making power is with you.

What should we do now?

You could find that a reverse mortgage is the best option for your retirement budget.

Would you like to learn more?

Find more information about reverse mortgages on our
Resources page.

Find out how much you could be eligible for using our
free calculator.

Or give us a call anytime at
250.212.4424.

We are looking forward to hearing from you.

click to talk about a reverse mortgage
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older man applying for a reverse mortgage
Mark Price
Director, Mark Price Mortgages

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