Awareness

You may have come across information about reverse mortgages through TV, radio, online searches, mailers, or your own research.

Education

Speaking with a qualified Mortgage Loan Originator is an important step. This is where you’ll learn about your specific loan options, potential benefits, and receive a personalized analysis of your situation.

Counseling

HUD requires all reverse mortgage borrowers to complete a session with an independent, third-party HUD-approved counseling agency. Typically, this counseling fee is paid by the borrower. Your Reverse Mortgage Loan Originator can guide you through the process, which is often done over the phone. Once completed, you’ll receive two certificates—one for your records and one to submit to our office.

Application & Decision

After reviewing your options, you’ll meet with your Mortgage Loan Originator to determine if a reverse mortgage is right for you. This meeting can take place at our office, in your home, or over the phone. You’ll receive copies of all documents so you, your trusted financial advisors (such as a CPA or attorney), or family members can review them.

Financial Assessment

To help ensure long-term success with a reverse mortgage, HUD requires a financial assessment. This includes reviewing your credit history, property tax payments, and other financial factors to confirm your ability to meet the loan’s ongoing requirements.

Home Appraisal

Once you’ve completed counseling, we’ll arrange for an FHA-approved appraisal of your home. The appraisal, which is paid for by the borrower, determines your home’s value based on recent comparable sales in your area.

Processing

Your lender will begin processing your loan, including reviewing the appraisal, ordering a title report, and verifying any outstanding liens or mortgages to be paid. Income verification and other credit factors are also reviewed at this stage. Throughout the process, we’ll keep you updated on the status of your loan.

Underwriting

Once all necessary documents are gathered and verified, your file is sent to underwriting. The loan underwriter will review everything to determine loan approval and ensure any remaining requirements are met before moving forward.

Closing & Disbursement of Funds

If your loan is approved, we’ll schedule a time for you to sign the final loan documents. At closing, you’ll confirm your preferred payment option, whether it’s a lump sum, monthly payments, or a line of credit. You then have three business days to cancel the loan if you choose (this rescission period does not apply to HECM for Purchase loans). After this period, your funds are disbursed according to the payment plan you selected..