The Reverse Mortgage Process

Understanding the entire process of getting a reverse mortgage is critical. If you start the process of getting a reverse mortgage without fully understanding what is about to happen, it is easy to get discouraged and allow the government-required paperwork to keep you from getting something that can/will change your life for the better. That’s why it’s extremely important that you allow us to connect you with a professional, competent reverse mortgage lender who understands the process and knows what it will take to work through any bumps in the road that may come up along the way. The process can be extremely easy if you are connected with the right reverse mortgage expert.

Process of getting a reverse mortgage:

  • Research – getting as much information as possible to determine whether a reverse mortgage is right for you
  • Qualification – Call us toll-free at 1-800-290-0745 to get connected with a reverse mortgage expert licensed for your city. (Get all of your questions answered by a reverse mortgage expert and find out how much money you can get today.)
  • Counseling – HUD requires you to complete counseling by a HUD-approved counselor. The reverse mortgage expert that we connect you with will give you a list of HUD-approved counselors who can help you get the counseling certificate required before any application for a reverse mortgage can be processed.
  • Application – You complete the application process, which gives you all of the detailed information about the loan itself and allows the lender to start gathering the items/documents that HUD requires to insure your loan.
  • Processing – A Reverse Mortgage Helpdesk approved lender takes care of getting all of the documents ready for the underwriter that are required by HUD to insure your loan (appraisal, title work, payoffs, etc.). While the lender will do most of the work, they may need your help on some items to get your loan closed.
  • Underwriting – A HUD approved underwriter will review your loan file and underwrite it according to the guidelines set forth by HUD to insure your loan.
  • Closing – Once the underwriter signs off on your loan file that it is ready to close, a date/time will be set for someone to come to your home to sign the closing papers. This will have all of the exact figures of your loan. Remember there are no mortgage payments…EVER…and most seniors do not have any out of pocket expenses at the closing!!
  • Loan Disbursement – Since your reverse mortgage is considered a refinance (even if you’re not paying off any other loans/liens), you are given three business days to review the documents to make sure all is as it should be. On the fourth business day, the loan will actually go into effect and all proceeds will be dispersed (you get any lump sum payment you’ve elected to receive, payoffs are sent to lenders, etc.)
  • Freedom – You now have a reverse mortgage that means you get to live in your home for the rest of your life if you so choose…WITH NO PAYMENTS!!!

Call us today toll-free at 1-800-290-0745 to speak with a reverse mortgage expert or complete the “Quick Quote” form to find out how much money is available to you today.

 

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