Reverse Mortgage During COVID-19

Are you considering a reverse mortgage? The best time is right now! Check out the top reasons.

It is the time of major downturn in the economy and the stock market. But a reverse mortgage during covid-19 is still a viable option for you.

Reverse mortgage is fully operational in the time of COVID-19. The finance companies are adopting new ways to process the applications to ensure the safety of elders. Rising home values in the time of COVID-19 makes reverse mortgage more beneficial for you.  

But what do you do to get reverse mortgages in the time of COVID-19? What about social distancing and self quarantine?

Fortunately, reverse mortgage employees are working as “essential workers.” Loan companies and finance professionals are operational.

Finance companies are discussing options and even processing loan applications. They Are abiding by the Center for Disease Control’s (CDC’s) best practices.

Now, you might ask, “how lenders are doing business while caring for your safety and health?”

Let’s dive right in to know:

Virtual Meetings About Reverse Mortgage During Covid-19

Conferencing apps like opens in a new window Zoom have gained popularity. These apps are great as people seek to connect while social distancing. These apps combine video conferencing, phone, and online meetings services.

You can use any of these apps to arrange a meeting with a reverse mortgage specialist as per your comfort. You do not need to visit the lender, and can do everything from the comfort of your home. It allows sharing screens with each other to walk through the mortgage process. So you can easily get reverse mortgage for a condo, an apartment, or an independent home.

For signing any documents, you can use apps. These include apps like Docusign, and Hellosign to digitally sign documents.

Phone Meetings

Sometimes, loan specialists may need to talk with you over the phone. They might have to go over certain things to complete your loan application.

They may drop your application package to your doorstep or send it via regular mail or email. But they may need to review pertinent information over the phone.
Once the paperwork is done, the lender can pick up the package from your mailbox. If you own a smartphone, you can have a virtual face-to-face meeting with the lender over video calls or FaceTime.

Social Distancing Meetings

Many times, you and your lender may need to meet in person. If the loan specialist lives in your neighborhood, you can easily meet them without breaking the 6’ rule that says stay at least 6 feet (about 2 arms’ length) from other people.

You can meet in a parking lot, sitting each attendee in their own cars. You can meet at the table in a park to discuss all important information and questions while maintaining social distancing rules.

So you can get a reverse mortgage or even a jumbo reverse mortgage without compromising your health.

Reverse Mortgage Industry Sees Positive Signs

Undoubtedly, COVID19 has massively impacted the world’s economy. It is affecting all aspects of our lives. But, as we are recovering, some positive news has started stemming from the outbreak.

The reverse mortgage industry has come as a resilient product during the pandemic. Those in the reverse mortgage sector are witnessing many positive signs. That’s even during this time of crisis. These include technology, borrower motivation, and younger borrower interest.

When it comes to borrower motivation, there is a higher level of borrower motivation. At the same time, the speed to close loans is also noticeable. Lenders are happy to help borrowers walk through their technological difficulties. They are helping customers with using virtual meeting apps and digital signature programs.

Younger borrower interest is another positive thing in the industry. Reportedly, trends have shown that potential borrowers. These borrowers are mostly in their 60s. They are calling lenders with their reverse mortgage-related questions. It shows a bright future for the industry ahead of COVID-19.

Remote Application and Loan Funding Option

Considering the health and safety of their customers, banks are offering remote services.

Many organizations have got dedicated portals developed to help customers remotely. You can have a virtual meeting using an app or via phone to discuss your requirements. You can apply for the reverse mortgage online without visiting the lender in person.

With these apps, you can sign all documents online. It helps avoid physical contact while running the process smoothly. you can also check online whether you quality for a reverse mortgage or not.

Home appraisals can also be done without requiring someone to enter your home. So you are physically and financially safe!

All you need is to acquire some easy-to-learn technical skills that would help you even after the pandemic. The best part is your lender would help you navigate through all technical things in the process.

Summary: Let your Reverse Mortgage Specialist Help You

Obtaining a reverse mortgage could help you with regaining your financial footing. If you feel hesitant to reach out to a lender because of health concerns, you can reach out to Brett.

Brett is a leading reverse mortgage specialist. He can organize virtual meetings and/or maintain in-person social distancing. So, with his service, you will enjoy your financial stability. Also, you don’t have to compromise your health and safety.

Set up an appointment with Brett. Call now at (800) 861-8491.

Similar Posts