THE LOAN PROCESS

Initial Discussion
    
The first step is to talk to a Reverse Mortgage Consultant, either over the phone or in person, about whether a reverse mortgage is right for you. They will talk about the pros and cons of the program, how it works, how much money you might receive, what the loan costs are, and anything else you'd like to know about. Then you decide whether you want to take the next step.

Counseling
    
If you decide that a reverse mortgage is the right choice, you receive independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process.

Appraisal
   
Next, the mortgage consultant will help you arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.

Title
    
Title is going to be ordered to verify if there are any open liens on the home.

Underwriting
    
After the appraisal and title reports are completed,  the mortgage consultant will go through all the normal processing procedures that you would find in any mortgage.

Closing
    
The final step of the program is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of four ways: as a lump sum, monthly payment, line of credit or a combination.

What you do with the money is up to you!

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Toll Free Information
  
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