The Application Process

Step 1 – Get the Facts – Find Out How Much Cash You Qualify For
 
It starts with a simple phone call to a reverse mortgage specialist. There is NO charge and NO obligation. A specialist can answer most questions you have and give you some great information on recent changes that can save you money. A good Reverse Mortgage Lender will provide you a detailed analysis of the reverse mortgage programs that get you the most cash and show you the programs with the greatest benefit to you, all without asking for your personal income or credit information. Using an online Reverse Mortgage Calculator may help you in the beginning stages of your research. Our Calculator will illustrates how much you might qualify for and much more.

Step 2 – Speak with a HUD-approved counselor
 
HUD requires that individuals who receive a reverse mortgage, must first obtain counseling from an approved counselor. The counselor is independent of any Reverse Mortgage Lender and will explain the reverse mortgage process in detail. You can choose to attend a session by phone or visit in person.

Step 3 – Complete a Loan Application and Get an Appraisal
 
After completing the reverse mortgage process, you will receive an FHA case number. Then escrow starts gathering the necessary documents to fund your loan. Your reverse mortgage team orders a real estate appraisal of your home. The appraiser will determine the market value, which in turn will confirm your loan amount.

Step 4 – Processing your application
 
Your agent will assist you from beginning to end and get the final documents to you for your approval. A professional notary in your area who will work around your schedule for signing. They will leave with the completed documents and return them to our escrow department immediately to prepare for funding.
 
Once the processing of your application is complete, the underwriter will issue an APPROVAL or CLEAR TO CLOSE.

Step 5 – Congratulations, your loan has funded!
 
Begin to enjoy retirement the way you once dreamed.
 
*No more monthly mortgage payments.
 
Remain independent and stay in your home.
 
Use your cash as you wish.

*Remember, you must continue to pay your property taxes, hazard insurance, HOA and maintain your home.

Age of Borrower:

Property Value:

Mortgage Balance:


Cash Available:  $0