The Reverse Mortgage Process

Here you will find the normal steps taken to obtain your Reverse Mortgage.  Although you may have already been through the mortgage process with a normal "forward" mortgage, the Reverse Mortgage is a different program that requires a little more work.

  1. Initial consultation - Once the decision is made to learn more about the Reverse Mortgage, the first step is to contact us to find out it if the program is right for you.  We will discuss the program with you either in person or over the phone.  During the initial discussion, we like to talk about the program features including how to qualify, ways to receive the money, basic requirements, closing costs, etc..  The ulitimate objective of this consultation is to give you the pros and cons of the program and to make sure that this is the best option for you and your situation.  The Reverse Mortgage is not for everyone.
  2. Reverse Mortgage counseling - After deciding that the Reverse Mortgage is the right program for you, the next step is to complete the HUD required counseling.  The counseling is normally free of charge and it does not obligate you to proceed with the Reverse Mortgage.  The purpose of the counseling is to ensure that all of your questions have been answered and that there is no confusion as to how the program operates.  There are HUD approved counseling agencies throughout the state and the counseling can be conducted either face to face or over the phone.  We will provide you a list of atleast 12 different counseling agencies.
  3. Formal application - Upon completion of counseling, you are given an original certificate which means you are now ready to complete the Reverse Mortgage loan application.  Contact us to schedule an appointment, and we will come out and meet you in the comfort of your home.  We strongly suggest that you invite anyone who might be assisting you to attend this meeting as well.  Now that you have completed counseling and done some more research, this is when a lot of questions get answered.  Because qualification for the Reverse Mortgage is not based on income or credit, the required documentation is minimal.  At time of application, we will normally just need copies of a picture ID, your Social Security card, home owners insurance information, and mortgage statements, if applicable.
  4. Property appraisal - After the counseling and loan application are completed, the next step is the appraisal of your property.  We arrange for the appraiser to come and inspect your home so we can determine a value for your property.



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