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Steps To Getting a Reverse Mortgage
Talk with us!
Talk with one of our Reverse Mortgage Experts now. We'll educate you and help you decide if a reverse mortgage is right for you and if you qualify.
You can call us toll free at 1-866-704-2826.
Counseling is required
Because a reverse mortgage is an important decision for any homeowner, HUD requires all applicants to receive third-party counseling to explain the options available. We will set this up for you.
Application
This is the time where you select the way you would like to receive the income from your new reverse mortgage, whether fixed monthly payments, lump sum payment, line of credit, or a combination of these. We'll help you with these decisions and with the application. Apply Now »
Processing
This is where we go to work for you. This includes ordering the appraisal, researching the title, paying off any liens and much more!
Underwriting
After receiving all pertinent information and data, we finalize all the details of the loan and get final underwriter approval.
Closing
At this stage, everything as been finalized and approved by all parties and you'll sign the loan papers. We'll set everything up for you.
Disbursement
As with all home loans, there is a right of rescission period of three business days. Any existing debt on the home is paid off and you will begin receiving your payments.
Repayment
This is the best part! You don't make any monthly mortgage payments during the life of the loan. The loan is only repaid if you cease to occupy the home as a principal residence. The loan may be repaid by the homeowner or the heirs/estate, with or without a sale of the home. The repayment obligation cannot exceed the home's value or sales price. 
