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The Reverse Mortgage Process:
» Awareness
Customer learns about Reverse Mortgage or particular product from an article, website, commercial, family or friend.
» Action
Contact a Reverse Mortgage Specialist and review the options that best suit your financial needs.
» Counseling
Counseling is mandatory under all Reverse Mortgage products and programs offered. Counseling is completed by an unbiased 3rd party HUD approved agency.
» Application
Once your counseling has been completed consult with your Reverse Mortgage Specialist about setting up a time to go over your loan application and disclosures in detail.
» Processing
You loan will be reviewed and closely looked at to ensure your property is in decent condition and that there are no outstanding items that would pose a risk to the lender. Once all items have been “cleared” by Underwriting you loan will move to the next and final phase.
» Underwriting
You loan will then enter the processing stage, this is where your appraisal will be ordered, title, and any other pertinent information to prepare you loan for Underwriting.
» Closing & Disbursement
Signing date, time and place will be scheduled with you for finalization of all documents and payment plans that have been selected. Once signing has been completed, you will have 3 business days after closing to cancel the loan, if you should choose to do so. After this time has passed, your funds are disbursed or set up depending on which payment option you have chosen.
