Steps to getting a Reverse Mortgage

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

Step 1 - Research Reverse Mortgages
Speak with a mortgage professional about reverse mortgage options. Familiarize yourself with the various types of reverse mortgages and 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 meet with an HUD-approved councelor who will help you understand what it means to have a reverse mortgage. Independent HUD counseling typically costs $125 and we would be happy to provide you with a list of HUD approved counselors in your area.

Step 3 - Fill out our online application here. Your information is securely stored and transmitted.

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.

Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not.

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 receive loan funds as a line of credit or as a combination of a line of credit and monthly installments. 


Step 8 - Repaying your Reverse Mortgage
Your reverse mortgage loan becomes due under the following circumstances.

  • Homeowner death
  • Sale of home
  • The home is no longer your primary residence

DISCLAIMER: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Kings Mortgage Services Inc.

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act - NMLS 264441

Thank you for your interest in our company. Please select from any of the following ways to contact us.

 

HANFORD
1507 N. 11th Ave.
Hanford, CA 93230
Phone: 559-585-7400
Fax: 559-585-7404
VISALIA
3700 W Mineral King
Visalia CA 93291
Phone: 559-713-1064
Fax: 559-713-1065
SELMA
2020 High St., Suite A
Selma, CA, 93662
Phone: 559-318-9931
Fax: 559-318-9934
FRESNO
685 W. Alluvial #105 Fresno, CA 93711
Phone: 559-432-5100
Fax: 559-432-2796
ARROYO GRANDE
136 W. Branch St.
Arroyo Grande, CA 93420
Phone: 805-904-6991
Fax: 805-904-6999
CORPORATE OFFICE
4244 W. Mineral King Avenue
Visalia, California 93291
Phone: 559-713-1200
Fax: 559-713-1275