Updated: Apr 9
What to expect at your first reverse mortgage loan appointment:
1. Get Acquainted
We’ll talk about you, your home, family, finances, assets, income in retirement etc
We’ll conduct a brief financial assessment; determine your and your home’s eligibility;
and ensure that property taxes, homeowners insurance have been paid and are
3. Numbers Analysis & Loan Options
We will spend time discussing three different scenarios for your unique situation. A
numbers analysis will indicate what options fit your needs and goals. Each loan option
will be thoroughly explained so you have enough information to make a good decision.
4. Answer the Following Four Questions:
Is this the right product for me?
Is this the right company?
Is this the right professional?
Is this the right time for a reverse mortgage loan?
5. Look at the Big Picture
What are your goals?
Is a reverse mortgage loan a good fit for you and your family?
How can you access your equity and use it to better your life?
What will your life look like if you choose to move forward with a reverse mortgage?
Access Your Equity. A reverse mortgage loan can offer you access to your home's equity in four different ways: Lump Sum, Line of Credit, Tenure, Term
What are the qualifications?
One borrower must be 62 years or older
Purchased home is required to be your primary residence
New property must be: single– family home, 2-4 unit dwelling or FHA– approved condo
For a home purchase, you must have an adequate down payment* for your new home based on your age
No credit score requirements, some income and credit qualifications apply to make sure you
have the ability to pay taxes and insurance.
*The required down payment on your new home is determined on a number of factors, including your age (or eligible non-borrowing spouse’s age, if applicable); current interest rates; and the lesser of the home’s appraised value or purchase price.
Register for one of Joan Qvigstad’s Reverse Mortgage Seminars and learn if a reverse mortgage is right for you! You can call her at 360-271-5946 or CLICK HERE to register.