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Step by Step Reverse Mortgage Process
In order to give you the best information, this page will tell you exactly the steps that will occur in regards to you getting a Reverse Mortgage.
Step 1. Initial Contact
You contact a Reverse Mortgage Consultant to get all of the information that will be needed to decide if a Reverse Mortgage is right for you.
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Step 2. Counseling
Third party Counseling is mandatory and must be provided by a HUD approved agency. The counselor will explain different options available to you the consumer. To schedule an appointment you can contact HUD directly, or one of our Reverse Mortgage Consultants can help you set the appointment. The appointment can be done over the phone or in person.
Click Here to View More Information on Counseling
Click Here to View List of Approved Counseling Agencies |
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Step 3. Application
You fill out the application and select the plan option (Monthly payments for life, credit line or lump sum payment) that best fits your needs.
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Step 4. Processing
After counseling has been completed we order; an appraisal (to determine the actual value of home), title report, lien payoffs and a credit report. If the appraiser uncovers any structural defects, following the closing of the loan repairs will need to be completed.
Step 5. Underwriting
After receiving all pertinent information and documents, we will package the loan and submit it for underwriting and final approval.
Step 6. Closing
Once the loan is approved by underwriting the closing will be scheduled. Closing costs are generally financed into the loan. The closing papers and final figures will be prepared and signed by you.
Step 7. Disbursement
You have three business days after the closing to cancel the loan. After this time period the funds will be disbursed. The loan has repaid any previous debts on the property and you will begin receiving payments according to your selected option.
Step 8. Repayment
You do not make any monthly mortgage payments to your lender during the life of the loan. The Reverse Mortgage becomes due and payable upon one of the following: death of the borrower(s), the sale of the home, or if you no longer use the home as a primary residence for a 12 month period of time.
Upon the death of the borrower, the heirs/estate may repay the loan from the sale of the home and cash out on the remaining equity, or refinance the home. |
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