How the Connecticut Reverse Mortgage Program Works!
- Initial Discussion
The first thing we like to do is talk to you, either over the phone or in person, about whether a Connecticut reverse mortgage is right for you. We talk about the pros and cons of the program, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step. - Counseling
If you decide that a Connecticut reverse mortgage is the right choice, you receive independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process of obtaining a Connecticut reverse mortgage. - Appraisal
Then we help you arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines. - Inspection
In some cases an inspection is required to make sure that the home is structurally sound and that there's no extensive termite or dry rot damage. - Underwriting
After the appraisal and inspection reports are completed we go through all the normal processing procedures that you might find in any mortgage. - Closing
The final step of the program is the closing where you receive the money, or proceeds, from your Connecticut reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit. Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life.
Below are links to some common questions asked by consumers about Connecticut reverse mortgage loan.
More Connecticut Reverse Mortgage Loan Information:
How the Connecticut Reverse Mortgage Program Works! | How You Can Use the Money You Receive from Your Connecticut Reverse Mortgage?