The Reverse Mortgage Process

At First National Bank of Pennsylvania, we believe learning about, applying for, and obtaining a Reverse Mortgage should be as simple as possible; so we’ve broken down the process into a few easy steps. The Reverse Mortgage team will even be happy to walk you through the entire process and answer any questions you may have. Give us a call at 888-560-0463.

 

Step 1: Start the process

You can begin the process now by contacting a Reverse Mortgage Banking Representative here at First National Bank of Pennsylvania. You will be working with a knowledgeable professional to help you determine if the Reverse Mortgage product will meet your needs. 

We encourage you to discuss your options with your loved one(s) and/or financial advisor. Taking out a Reverse Mortgage is an important decision as your home is one of the largest assets and it is important to us here at FNB that you feel comfortable with your decision in taking out a Reverse Mortgage.

 

Step 2: Receive Independent Counseling

All Reverse Mortgage borrowers must receive counseling from a HUD-approved housing counseling agency. This requirement is federally mandated, and your Reverse Mortgage Banking Representative will not be able to take your application for the loan without the counseling certificate received from your counselor. The counselors are well-trained and it is their job to ensure that you understand the Reverse Mortgage.

 

Step 3: Get an Appraisal

An important part of determining how much money you can receive will be determined by your appraisal. First National Bank of Pennsylvania will order these services from an independent professional FHA approved appraiser on your behalf. Be assured, we will walk you through every step making sure you are comfortable with the process.

 

Step 4: Underwriting

Once the appraisal is received then your loan will be underwritten. The process for the underwriting is the same as with a traditional mortgage.

 

Step 5: Closing

Now is the time to receive your money, payoff existing mortgage(s) / liens or even other debt. At the closing, you will sign the final paperwork and any additional questions you have will be answered by your Reverse Mortgage Banking Representative.

 

Step 6: Continue as the Homeowner

Once your loan closes, you will still own your home, so you’ll be responsible for paying your property taxes and homeowner’s insurance, as well as maintaining the home. You will not have to make monthly mortgage payments on your Reverse Mortgage. As long as you meet your loan obligations; repayment of the loan including (accrued interest and fees) is not required to be paid until you no longer live in the home. 

 

To learn more, contact a Reverse Mortgage Banking Representative today!  

 

                                                


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