Steps to getting a Reverse Mortgage

More information about reverse mortgages: Intro to Reverse Are they Safe? Reverse Calculator Costs of Reverse

Below is the most common process for getting a reverse mortgage. We are eager to help you understand the reverse mortgage loans and the process involved.  Please contact us with any questions.

Step 1 - Research Reverse Mortgages
Speak with a mortgage professional about reverse mortgage options. Familiarize yourself with the types of reverse mortgages and payment options available to you - pick the one that is right for you.

Step 2 - Meet with a HUD-approved counselor
In order to receive a reverse mortgage, you must first meet with a HUD-approved counselor who will help you understand the pros and cons to having a reverse mortgage. This is a free service and we can help find a counselor in your area.

Step 3 - Fill out our Reverse Mortgage application
After you’ve determined which program best suits your needs, complete our reverse mortgage application by clicking here. Your information is securely stored and transmitted.  If you prefer to meet in person, please call us for an appointment. 

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine the value of your home and whether it needs any repairs.

Step 5 - Your loan reaches underwriting
All details are reviewed and your loan is underwritten and approved.

Step 6 - Your loan reaches closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.

Step 7 - Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive either your monthly payment or your lump sum.

Step 8 - Repaying your Reverse Mortgage
As long as one of the borrowers continues to live in the house, you do not need to make repayment. 

Your reverse mortgage loan becomes due under the following circumstances:

• Homeowner's death
• Sale of home or transfer of title
• The home is no longer your primary residence