What steps are involved in arranging a Reverse Mortgage?
Most borrowers take the following steps :
- check with Centrelink regarding any possible impact on benefit entitlements
- obtain independent financial advice if you feel this is beneficial
- discuss your plans to arrange a reverse mortgage with family/beneficiaries
- compare lenders’ products and select your preferred lender
- complete the lender’s application form
- advise your solicitor of your intentions to borrow as legal advice is compulsory
- send the application and supporting documents to the lender
- make an appointment with the valuer to inspect your property
- loan documentation is sent to your solicitor
- meet your solicitor who must explain the contract fully
- sign contract and return documents to the lender including the Certificate of Title and evidence of insurance
- funds are paid into the bank account you nominate
The average reverse mortgage settlement time is about three weeks from the time of application.