What to expect from start to finish

Awareness

You've heard about reverse mortgages on TV, on the radio, online, in a mailer, or maybe from a friend. Something got you curious, and now you're doing your own research.

Education

Meeting with a qualified Mortgage Loan Originator is where it gets real. This is where you learn your specific numbers, what you might qualify for, and get a real analysis of your particular situation. No pressure, no obligation.

Counseling

Counseling from an independent third party, HUD approved counseling agency is required for every reverse mortgage borrower. The fee is typically paid by the borrower. Most counseling can be completed over the phone. You'll receive two certificates: one to keep and one to send to my office.

Get this done as soon as possible so it's not holding up the rest of the process.

Action & Application

We meet again to decide if a reverse mortgage is right for you. I can meet at my office, at your home, over video, or by phone. You'll be left with a complete copy of every document so your CPA, attorney, and family can review anything they want.

Financial Assessment

To help ensure the long term success of the HECM, HUD requires a financial review of each applicant. Credit history, property tax payments, and other credit factors are evaluated to measure willingness and financial capacity to meet the ongoing obligations of the loan.

The Appraisal

Once I have your HUD counseling certificate, I'll reach out to schedule the appraisal. The appraisal is paid by the borrower. Reverse mortgages use a full FHA appraisal. Your home's value is based on what comparable properties in your neighborhood have sold for recently.

Processing

I process your paperwork and submit it to the lender. That includes the appraisal, title report, and checking the balance of any existing liens or mortgages to be paid off. Verification of income and other credit factors happens here too. I'll be in regular contact with you throughout.

Underwriting

Once processing wraps and all paperwork is complete, your file goes to the loan underwriter. The underwriter determines if the loan is approved and works through any conditions or requirements needed to close.

Closing & Funds Disbursed

If the underwriter approves your loan, I'll reach out to schedule signing of the final loan documents. This is where we confirm your payment plan or partial lump sum: how you actually want to receive your money.

After signing, you have three business days to cancel the loan if you change your mind. Once the rescission period is up, your funds are distributed based on the payment option you chose. Note: HECM for Purchase loans do not have a rescission period.