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
It is very important that you understand all aspects of a reverse mortgage. As such, it is required by the U.S. Department of Housing and Urban Development (HUD) that you attend a counseling session. Your Reverse Mortgage Specialist will provide you a list of HJD approved counselors from which you can choose. Once you schedule your appointment plan on 60 – 90 minutes during this time 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
Your Reverse Mortgage Specialist will help you complete the application and collect your documentation. We will let you know exactly which documents you’ll need to provide. During this time, we will determine how you would like to receive your payment. You have many options:
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
Your Reverse Mortgage Specialist will submit your paperwork we’ll process your application. We’ll order a home appraisal, which determines the exact value of your home. Once this is completed, we will be able to accurately determine the amount of your reverse mortgage. We’ll also order title work and existing mortgage payoff amounts. An underwriter will then review your application for approval.
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
Once your loan is approved, we will contact you to review your loan finalized loan options and the payment schedules 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. Any existing mortgage(s) will be paid off with a portion of the proceeds from your reverse mortgage. Your Reverse Mortgage will fund within a few days of all the documents being signed and you will receive your money.