The Reverse Mortgage Process
At Crown Reverse Mortgage Financial, we believe that learning about, applying for, and obtaining a reverse mortgage should be as simple as possible.
"What’s the process for getting a reverse mortgage—where do I start?"
We’ve broken down the process into four simple steps that are easy to follow and understand.
A Crown Reverse Mortgage Financial reverse mortgage consultant would be happy to walk you through the entire process. We are here to answer any questions you may have.
Begin your journey today by calling (805) 434-5226
You can start right from the comfort of your home by calling Crown Reverse Mortgage Financial.
One of our knowledgeable professionals can help you determine which reverse mortgage product best meets your needs.
Taking out a reverse mortgage is an important decision, so we want to make sure you’re comfortable with it.
That’s why we encourage you to speak with people you trust, such as financial advisors and family members, to get their advice and support. Your Crown Reverse Mortgage Financial consultant can also speak with them, if you think it’s appropriate, to explain the process.
All reverse mortgage borrowers are required to speak with a government-approved counselor.
This is for added confidence and assurance. We want to ensure that you’ve had all of your questions answered by an independent third-party.
You’ll receive a certificate after your session that will allow you to complete your application.
An important part of determining how much money you can borrow is to get a home appraisal and inspection.
Crown Reverse Mortgage Financial will order these services from a professional appraiser on your behalf.
Just like every other step, we’ll walk you through the process to ensure you’re comfortable with it.
Now your loan is processed and complete. You’ve previously chosen when and how you would like to receive your reverse mortgage proceeds.
We’ll deliver the final paperwork in person to get your signature. If you had an existing mortgage, it will be paid off.
How would you like to receive the cash?
Depending on the type of reverse mortgage you select, you can choose to receive your cash as a lump sum or monthly payments.
You can also choose a draw on the loan as a line of credit, or a combination of these options.
“I have to applaud the team here, and especially Brian. He managed to fix what I had spent 2 days on in a matter of hours, and made sure I was happy. A big THANK YOU!!”
"No monthly mortgage payments sounds great. But what else will I have to pay?"
It’s true that with reverse mortgages, there are no monthly payments required.
Because you’ll still be the homeowner, you’ll have to continue to pay property taxes and homeowner’s insurance. You also have to maintain your home in good repair.
As long as you meet these obligations, you won’t have to repay the loan (including accrued interest and fees) until you no longer live in the home.
If you leave your home, you or your heirs can decide how to repay the loan—by selling or refinancing the home, for example.