Steps to getting a Reverse Mortgage Loan

This may be the most common process for obtaining a Reverse Mortgage. Our Reverse Mortgage Planners are available to help you understand and navigate the Reverse Mortgage process. Once you request a Reverse Mortgage QuickQuote below, we'll get right to work for you.

Step 1 - Research Reverse Mortgage Loans
Request a QuickQuote or PersonalQuote then speak with a Reverse Mortgage Planner about available program options. Familiarize yourself with the various types of Reverse Mortgage programs then select the one which is right for you.

Step 2 - Meet with a HUD Approved Counselor
In order to receive a Reverse Mortgage you must meet with a HUD approved councelor who assists you with understanding what it means to have a Reverse Mortgage. Independent HUD counseling typically costs $125 and grant funds may be available to cover this expense. We are happy to provide a list of HUD approved counselors in your area.

Step 3 - Fill out our Reverse Mortgage Loan application
After you’ve determined which reverse mortgage loan option best suits you fill out our Reverse Mortgage application by clicking here. Your information is securely stored and transmitted.

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.

Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not. Final terms and any adjustments are made at your request.

Step 6 - Your loan reaches closing
Once approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.

Step 7 - Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period ends, you’ll receive your Reverse Mortgage proceeds according to the manner which you selected: one-time lump sum payment, monthly installments, as a line of credit or as a combination of a line of credit and monthly installments.

Step 8 - Repaying your Reverse Mortgage Loan
Your reverse mortgage loan becomes due under the following circumstances.

• Homeowner death (unless the home continues to be the primary residence for a non-borrowing spouse)
• Sale of home
• The home is no longer the borrower or non-borrowing spouse's primary residence.
• Failure to maintain insurance, property taxes or otherwise comply with loan terms.
• Any other event of default. (Failure to pay property taxes, Failure to keep the home in good repair, Failure to insure the home, Taking of new debt on the home, Bankruptcy, Abandonment or donation of the home, Eminent Domain)

To continue learning more information on using a Reverse Mortgage with your current home home or perhaps for a home you would like to purchase, click the following link for our next topic: Reverse Mortgage Refinance and Purchase. 

 

Online calculator tools can be inaccurate, our Reverse Mortgage QuickQuote is a great place to begin, your quote does not require a credit inquiry, is provided without obligation and includes the most recent rates and tables to properly calculate all available options for you.