Education:
We will help you determine if a reverse mortgage is the right solution for you. To help you make an informed decision, we’ll answer all your questions, assess your individual needs and financial situation, thoroughly explain everything, and prepare you for your independent counseling session. We encourage you to include your family and trusted advisor(s) in your decision-making process.
Independent Counseling:
To ensure that you understand all aspects of a reverse mortgage, you’re required to have a session with an independent counselor who’s approved by the U.S. Department of Housing and Urban Development (HUD). It usually takes 60 to 90 minutes and can be done in-person or over the phone.
Application:
We will help you complete the application, and advise to which documents you will need to provide.
Property appraisal, loan processing and approval:
We will submit your application for processing. A home appraisal will be scheduled to determine the exact value of your home. Then we request title information and existing mortgage payoff amounts. An underwriter will then review your application for approval.
Closing:
Once the loan is approved and final documents are ready for your signature, we will contact you to schedule your loan closing, which can take place at your home. Any existing mortgages will be paid off with a portion of the proceeds of your reverse mortgage. After the closing and any applicable rescission period, the loan will fund an you will receive your money.