Trusted Legal Advice on Reverse Mortgages
Financial institutions often require borrowers to obtain legal advice before proceeding with a Reverse Mortgage. This advice is crucial for retired individuals or those who are no longer working and are considering borrowing money or refinancing through a Reverse Mortgage Lender.
Why Seek Legal Advice on Reverse Mortgages?
Reverse Mortgages involve refinancing or securing a new mortgage on your home or property with a Reverse Mortgage Lender. Unlike traditional loans, Reverse Mortgages do not require regular repayments of principal and interest. Instead, the debt accumulates and is settled when the property is sold or otherwise disposed of. Often, Reverse Mortgage Lenders are smaller financial institutions not widely known, introduced to you by mortgage brokers who recommend this product for your specific needs.
Why Choose Ryder Lawyers for Your Reverse Mortgage Legal Advice?
Ryder Lawyers offers reliable, affordable, and prompt legal services for clients needing advice or certificates related to Reverse Mortgages.
Our experienced property and commercial solicitor, Carolyn Ryder, will ask you to attend a minimum of two appointments at our office: firstly, for an initial appointment to discuss your matter generally, and then later, to explain our detailed letter of legal advice, and to then sign any bank documents.
Legal Advice certificates are an involved and complex legal process and are not just a ticking-of-the-box exercise. Your reverse mortgage advice solicitor is required to:
- Verify your identity and review all documents you’re required to sign.
- Provide impartial advice on the obligations you are agreeing to.
- Answer any questions you may have in an initial appointment and a follow-up appointment.
- Review your paperwork to provide a detailed fee estimate for your legal work, and if you choose to proceed, prepare a client agreement for you to sign.
- Provide you with a detailed and comprehensive letter of advice, following a comprehensive review of your documents (a strict requirement on us) and meet with you to make sure you understand what you are signing.
- Supply the necessary legal certificate or letter requested by your Reverse Mortgage Lender.
All reverse mortgage documents are unique, and so the process for review and advice is very involved. We ensure you fully understand the implications of the Reverse Mortgage, including the calculation of the loan balance you will eventually repay.
Understanding Reverse Mortgages
A Reverse Mortgage can impact your future property sales and typically involves higher interest rates than conventional home loans. Legal fees are also incurred upon signing and discharging the loan. If you face financial pressures, we can connect you with support services to assist you.
Costs for Legal Advice on Reverse Mortgages
The legal costs at our firm are $500 for an initial appointment during which we meet with you, and review the documents that need to be advised on. We then provide you with a client agreement and a written fee estimate for the work involved in your unique matter. As a guide, legal fees for the review, advice and meetings with you can cost in the range of $6,000 and $10,000. Please contact us for a fee estimate for your own individual matter.
Contact Us Today
Ensure you receive expert guidance and support for your Reverse Mortgage. Get in touch with Ryder Lawyers to schedule an appointment or for more information on our services.
