Reverse Mortgage Process

Reverse Mortgage understanding

The homeowner first receives a quote and decides if they want to carry on with a Reverse Mortgage. If yes, they will be given all the necessary information. Educate yourself about the product. Read our Special Report along with other educational pieces about the reverse Mortgage from other reliable sources such as the AARP and from HUD.

Reverse mortgage deed

The homeowner fills out the application for Reverse Mortgage and decides about the payment options. The homeowner should give lender complete details on the home such as copy of deed to home, and information on any existing mortgage, along with the Social Security number and photo ID.

Reverse mortgage analysis

Meet with the loan officer to review and sign the loan application documents. Speak to a HUD / Government approved counselor who will provide you with unbiased information about the reverse Mortgage. The consultation can take place over the phone or in person.

Reverse mortgage submission

Underwriting of the loan application, appraisal, and the title work, takes place and the underwriter will approve the loan if all of the various criteria are deemed to be fine.

Reverse mortgage and appraisal

The appraisal is done on the property to determine its current market value. The lender commands an appraisal on the home which is carried out by a 3rd party appraiser, who then decides the value of the home.

Reverse mortgage payout

Settlement takes place. The settlement agent will meet up with you to go over the final numbers and paper work. You will sign the final loan documents and generally, you will have a 3 day rescission period.

Start enjoying the benefits of the reverse Mortgage.