By speaking with one of our licensed loan officers, you will gain a better understanding of the reverse mortgage product. They will also be able to carefully assess your individual needs and financial situation. This would include reviewing your income, assets, expenses; talking about your particular plans and concerns; and estimating how much money you may qualify for.
Step 2: Counseling & Application
The ensure that you completely understands all aspects of a Reverse Mortgage, you are required to have a counseling session with an approved counselor by the U.S. Department of Housing and Urban Development (HUD). During this time your loan officer will also help you complete your loan application.
Step 3: Processing & Approval
In this stage, all paperwork will be submitted and our staff will begin to process your application. We will then order a home appraisal, which will determine the exact value of your home. We’ll also order title work and existing mortgage payoff amounts. An underwriter will then review your application for approval.
Step 4: Closing
When the final loan documents are ready for your signature, we’ll contact you to schedule your loan closing. Any existing mortgage(s) will be paid off with a portion of the proceeds from the reverse mortgage. After the closing, and any applicable recession period, the loan will fund and you’ll receive your money!