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