Reverse Mortgage loan application process
FREE guide from Seniors First. Downloaded by thousands of Australians since its introduction in 2008.
For many pensioners and retirees, the Reverse Mortgage loan process begins with a long period of research. It’s not uncommon for some borrowers to gather information and think about it for 12 months or longer until they actually proceed with a Reverse Mortgage application.
Ideally, before you apply for a senior’s Reverse Mortgage loan you should:
Once you decide to make a Reverse Mortgage loan application, Seniors First will conduct a detailed interview with you to gather information and recommend suitable lenders. Our thorough ground work makes the actual application process quick and easy, and most Reverse Mortgages applications get completed within 4-6 weeks.
As your Reverse Mortgage broker, Seniors First staff will handle the Reverse Mortgage loan application process for you. We will:
The application process
Seniors First issues a Reverse Mortgage calculation to you
Seniors First provides a shortlist of recommended lenders
Seniors First conducts a formal client interview with you under 'Best Interest Duty' (BID). This is a level of consumer protection unique to brokers.
You make a final choice of Reverse Mortgage lender from our panel
Application form completed & lodged to Seniors First with supporting documents
Seniors First submits your loan application to the lender for approval
Valuation ordered on your home
Loan approved and contracts issued
You get legal advice & sign contracts
Loan Settles, and you receive funds