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 What Is The Process

What is the process to obtain a Reverse Mortgage?
The application process generally takes 30-45 days from start to finish and has five major steps.

Step 1. Initial Application
The application meeting consists of thoroughly reviewing and disclosing all elements of the mortgage. The application is not binding and can be canceled at any point during the process. The application will specify the reverse mortgage fees, interest rates, and loan amounts.

Step 2. Reverse Mortgage Counseling
Each applicant must complete counseling with a HUD-approved counseling agency. This can occur before or after the signing of the application.

Step 3. Appraisal
Your home will be appraised by an FHA approved appraiser.

Step 4. Underwriting
When all of the required documents have been collected and prior steps have been completed, your application will be sent to the lenders underwriting department for their review. Once the lender has finished underwriting, the application's status will be changed to "clear to close" status. We will then contact you to arrange a closing date and time at the location of your choice. Most recipients prefer to close at their home. The closing will be scheduled for “your” convenience.

Step 5. Closing
A notary or attorney will conduct the closing. During the closing all documents are reviewed and signed. The application then goes into a three-day "right of rescission" period, unless this is a purchase reverse mortgage. Immediately after this waiting period, you will receive any requested funds from closing which will be deposited into the bank account of your choice. Any previous mortgage will be paid off and any other method of receiving the money will be established in your name.

Important Documents You’ll Need.
There are several key documents you'll need to gather in order to complete your application. It is helpful to have these available when we meet with you. They include:
1. Social Security card or Medicare card which contains your social security number
2. Picture ID (e.g., driver's license, passport, or state-issued ID)
3. Homeowners/hazard insurance policy (flood insurance policy if applicable)
4. Death certificate for any deceased property owner whose name still appears on the title
5. Reverse mortgage counseling certificate (to complete your application)
6. Your most recent mortgage statement

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