Steps to getting a Reverse Mortgage Loan

The following steps represent 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.  We believe in honesty and accuracy with our advice, we never make unrealistic promises or sales pitches.  

Unfortunately many others are reverse mortgage sales-people.  These decisions are too important to settle for a sales pitch from a sales person.  

We are Reverse Mortgage Planners!  Our planners are licensed professionals, each planner holds a degree in Finance and Certified in Personal Financial Planning.  

You worked hard to reach your goals and we believe you deserve only the best for your future.  When you request a Reverse Mortgage QuickQuote below, one of our Reverse Mortgage Planners will 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. That's right, there are multiple Reverse Mortgage programs available for you to review and compare.  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 counselor 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. As part of our research in Step 1, we will 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 your goals, you'll complete a Reverse Mortgage application over the phone, in person, or by clicking here. All information provided is secure and safe, your privacy remains private.

Step 4 - Your application is processed and your home is appraised
While your application is being processed, a licensed HUD approved local appraiser will determine a value and let you know if your home requires minimum repairs. Any repair noted by the HUD approved local appraiser must be fixed as part of the Reverse Mortgage process.

Step 5 - Your loan reaches underwriting
All details and figures are finalized 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 by the underwriter, your loan will enter closing where you’ll get the chance to review the final terms and sign your 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 (called the '3-day rescission period'), 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.

Want to learn about refinancing your current home to a Reverse Mortgage?  How about a Reverse Mortgage to purchase a new home?  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. 

Free Reverse Mortgage QuickQuote

No credit inquiry required, Speak directly with a local Reverse Mortgage planner without any obligation.

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