The Process Of Getting A Reverse Mortgage

With Reverse Mortgages that are Insured by the Federal Housing Administration there are several steps in the process designed to protect you before and while you are applying for a reverse mortgage.

Discussion and Research:

First we explain the pluses and minuses of borrowing money with a reverse mortgage. Important questions such as; How much does is cost? What if I plan on moving in the near future? How will I receive the money from a reverse mortgage? These questions and any other questions that you have can usually be answered within our first
discussion.

Next, we provide you with information, in writing, with the details on how a reverse mortgage might work for you.    

Reverse Mortgage Counseling

Even if you are not sure whether a reverse mortgage is right for you, we will provide you with information about reverse mortgage counseling. A counselor approved by the Federal Housing Administration is available to review your finances and how a reverse mortgage might work for you. The costs of Reverse Mortgage Counseling are paid for by the Federal Housing Administration and can be done by phone or in person. Your participation in the counseling session is done at no cost to you and you are under no
obligation whatsoever to apply for a reverse mortgage loan, unless you feel it is the right choice for you.    

Reverse Mortgage application

If you have decided to apply for a reverse mortgage loan, we will complete the application with you. At that time we will need proof of your identity and your social security number. Since there are no monthly payments, income or credit history generally does not play a role in determining whether your application will be approved.

Home Appraisal and Title Search

After you have applied  we will order a title insurance report and an appraisal will be scheduled to determine the value of your home. The appraiser will also be able to determine whether any repairs will be required to meet the guidelines of the Federal Housing Administration. If repairs are required they can normally be paid for with the money that you will receive from the reverse mortgage loan.

Closing Documents

Once the appraisal and title search is reviewed, we can schedule a date for you to sign your loan documents. Once you have signed the loan documents you still have three business days to change you mind. Once three days have passed any money that you have requested from your new reverse mortgage will be available to you.

After closing you will join the more than 250,000 people that have used a reverse mortgage to help them secure their financial  future.