What’s the process for getting a Reverse Mortgage?

The reverse mortgage process is similar to getting any other mortgage.  You’ll have licensed mortgage loan originators guiding you every step of the way.  Below are the basic steps to applying for a reverse mortgage.

Step 1  Education

A licensed mortgage loan originator will assess your individual needs to determine if a reverse mortgage is right for your financial situation.  This is a great time to get all your questions answered and your concerns addressed.

Step 2  Counseling

Reverse mortgage applicants are required to undergo independent counseling to ensure that they fully understand their financial decision.  Counselors are approved by the U.S. Department of Housing and Urban Development (HUD) and have no affiliation to lenders.

Step 3  Application

As with any other loan, the application involves a lot of paperwork.  A licensed mortgage loan originator will be by your side to let you know exactly which supporting financial documents you’ll need to provide, making the process as seamless as possible.

Step 4 Processing & appraisal

Once your application is complete, your loan officer will submit it for processing.  A home appraisal will be scheduled to determine your property’s value and ensure your home is in a livable condition. 

Step 5 Closing

Once the loan is approved, the last step is to sign the final documents.  Any existing mortgage(s) will be paid off with a portion of the proceeds from your reverse mortgage.