The Reverse Mortgage Process:
Your Reverse Mortgage Advisor will
assist you throughout the process.
Step 1: Become Informed
Before you apply, it’s important that you become familiar with reverse mortgages. You may decide to discuss the reverse mortgage with family, friends and advisors. Feel free to invite them to your meeting with your Reverse Mortgage Advisor to answer any questions they may have.
Step 2: Counseling
Next, you’ll speak with an independent, third party counselor who makes sure you understand how reverse mortgages work as well as your alternatives. Senior Independence, LLC will provide you with a list of qualified counselors in your area. The session typically lasts at least 60 minutes and may be conducted in person or over the phone. The counseling agency will mail the reverse mortgage counseling certificate to you.
Step 3: Application
After you receive the counseling certificate you will meet with your Reverse Mortgage Advisor to complete the application. At this point, all the necessary services and documentation will be ordered, such as an appraisal, title review and flood hazard determination.
Step 4: Appraisal
Next, an appraiser will visit your home and assess its exterior and interior condition, as well as compare the property to other homes recently sold in your area.
Step 5: Loan Closing
After your application is approved, a closing date will be scheduled. A title company agent will present all the necessary loan documents for you to sign and answer any questions. After all documents are signed, you have three business days in which to cancel the loan.
Step 6: Funding
After the completion of a three-business-day right-to-cancel period, you can receive the funds you requested.
