How Does the Process Work? And What are the Costs Involved?
Here is how we can help:
1. Complete a confidential and secure assessment at: www.philrom.com/apply-now
2. We will meet with you and discuss next steps and ensure you fully understand the process.
3. If you are interested in pursuing the Reverse Mortgage, you will be sent a summary of what you qualify for and if any documents are needed from you; as well as a financial illustration summary of your proposed Reverse Mortgage.
4. An appraisal of your home will be ordered to determine the lending value, the cost of this is typically the ONLY out-of-pocket expense (Typically ranges from $275-$400 price range), incurred during the application process.
5. As part of the process you will be required to have independent legal advice from a lawyer (this usually ranges from $350-$700), this ensures you have a full understanding of the nature and process.
6. The Lender’s lawyer completes the transaction (this fee is currently $1795) and YOU RECEIVE YOUR FUNDS!
Total fees that are deducted from the Mortgage loan amount, which includes the Independent legal advice fee from above and the Lender's lawyer fees from above which ranges from $1795+350=$2145 to $1795+$700=$2495.
Total fees out of pocket costs are: the appraisal fee from above, ie. about $275-$400