STEP ONE - Free Consultation
Step One is scheduling a free consultation and letting a representative go over all that’s involved with a reverse mortgage. At this time we will explain eligibility and how a reverse mortgage could benefit you.
STEP TWO - Counseling
You will be given a list of HUD approved counselors. Next, you will schedule an appointment with one of them. The counseling agency will send you documents that need to be completed. Once completed they will review the documents. Then they will explain the details of a Reverse Mortgage again. They will issue you a counseling certificate that allows you to begin the process of getting a Reverse Mortgage. By law, we cannot incur any costs on your behalf until we have confirmation that you have completed the counseling. Once we receive the original counseling certificate we can begin processing your Reverse Mortgage.
STEP THREE - Application
Complete the application and determine how to receive payment. Options are as follows:
Lump Sum Payment
Monthly Payments - You will be given a choice of monthly payments for a specific period of time or for as long as you live in your home.
Line of Credit - Receive unscheduled payments in amounts of your choosing until the line of credit is exhausted
Any combination of the above three choices
STEP FOUR - Processing & Appraisal
Once the application is completed, we will order an appraisal to determine the value of your home. Once this is completed we will be able to accurately tell you the amount of your reverse mortgage. The title will also be reviewed to see if there are any outstanding liens against the property.
STEP FIVE - Submit Loan & Underwriting
We will submit your loan for underwriter approval. The underwriter is the decision maker to approve or decline the loan. It is common for the underwriter to request additional information before issuing an approval. We will work with you and the underwriter to help things go smoothly.
STEP SIX - Loan Approval
We will contact you to inform you that your loan has been approved and go over what is being offered and the payment schedule that you have requested in relation to amounts and time frame.
STEP SEVEN - Loan Closing
We will call you to schedule a time that works for you to close your loan. You can schedule a time to visit the Title Company or a notary can come to your home to present the loan documents for your signature. Your Reverse Mortgage will fund within several days of all the documents being signed.