Wells Fargo Reverse Mortgage New York

This year alone more than 4,500 reverse mortgages have been completed in the great state of New York. That's according to HUD's most recent HECM Endorsement Summary Report. If you're a senior living in the NY area and considering a Wells Fargo reverse mortgage here are 6 easy steps to get you started on the right path.

1. Discuss Your Situation With A Wells Fargo Reverse Mortgage Specialist

The first step is to learn about reverse mortgages. They're unlike any other mortgage you've had before, but they can provide a lot of financial flexibility even while allowing you to live in and keep your home.

Besides reviewing the material here on this Web site, one of the best ways to learn what you need to know about reverse mortgages is to simply call 610-717-2879. I'll be glad to help you understand the loan and answer any questions you have.

2. Get Financial Counseling

To ensure that you understand the loan, independent third-party counseling is highly recommended (for some types of reverse mortgages, it's required). This is usually provided by a HUD-approved nonprofit agency, and often it can be done over the phone. The counselor will explain your options and your eligibility. I'll provide a list of counselors that you'll be able to select from.

And of course you can consult with me at any time.

3. Apply for Your Reverse Mortgage

You can apply for your reverse mortgage with by using a special reverse mortgage application that I can provide (or have your application taken over the phone...call Toll-Free 1-877-311-7383). You can even begin the process online by completing this online application (takes about 60 seconds).

4. Loan Processing & Underwriting

As part of your loan application, title work and an appraisal for your home will be ordered. In some cases, a home inspection may be required. When all the necessary information is gathered, your loan will be submitted for approval.

5. Loan Closing & Disbursement

Your loan will be scheduled for closing, and final figures will be prepared. You'll have three days after closing in which you can cancel the loan, if you wish. After that, you'll have access to the funds from your reverse mortgage, according to the disbursement option you selected.

6. Repayment

As long as your property remains your principal residence, you'll never have to make a monthly mortgage payment. Instead, you'll be able to access funds from your home through the payment option you selected.

The loan can be paid off by the borrower or the borrower's estate, typically with proceeds from the sale of the home (although a home sale is not required). The repayment option cannot exceed the home's market value.

Call Toll-Free Today: 1-877-311-7383

For more information about Wells Fargo Reverse Mortgages in New York vist How Do Reverse Mortgages Work