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TERMINOLOGY
Filling out a reverse mortgage application is an important part of the process of acquiring a reverse mortgage. Reverse mortgages are very popular with retirees as they provide a way to supplement their income for several years. When filling out a reverse mortgage application, here is some of the information that you will be required to provide.
Personal Information
On the reverse mortgage application, you are going to have to provide them with personal information about yourself. You will have to provide them with your name, your address, your phone number, your Social Security number, and any other personal information that they require.
Property Information
You will also be required to provide them with information about the property that you want to use for the loan. You will have to give them the approximate value of the property as well as how much money you owe against it with other mortgages. If the loan balance is too high, they may not be able to approve you for a reverse mortgage. They will also want to know if you have insurance on the property and if there are any outstanding liens against the property. They will then want to schedule appraisal of the property to move on with the process.
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