Reverse Mortgage Application Process
Initial Enquiry
Call one of our specialist brokers, we will need your basic details and loan purpose. We will then schedule a meeting where we come to you or organise for a postal package where we can consult over the phone or by zoom or skype.
Interview Preparation
We will assess the information you have provided us and prepare options to present to you in our interview.
The Interview
We come to you; (or if impractical consult over the phone or by zoom or skype) we will provide our recommended lending option and the reasoning.
Detailed Explanation
We will explain how the loan works, and all other required documentation.
The Application
We will then help you complete the application process and gather the required supporting documents (ID Documents, Bank Statements, Rates Notice, Strata Levy Notice).
Loan Lodged
We will take the signed application and paperwork; we will prepare your application and lodge with the lender.
Compliance Call
The lender will conduct a compliance call with you the borrower to ensure you understand the loan, and that there is no outside pressure or elder abuse behind the loan.
Property Valuation
The lender will organise a property valuation to be undertaken.
If the valuation is satisfactory, the lender will approve your loan
Loan Documentation
The lender will send loan documents to you.
Independent Legal Advice
You must take the loan contract to get independent legal advice, and if everything is fine you can sign the contract. Your solicitor will send completed documents to the lender’s solicitors.
Settlement
The bank’s Solicitors will arrange the registration of the mortgage. The Loan Settlement will occur and your money can be dispersed that day.
(We support our client from the beginning of the first enquiry right through the whole life of the loan, if you have any questions throughout the application stage or the life of the loan we are more than happy to assist.)
