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How A Reverse Mortgage Works

The Process of Getting a Reverse Mortgage


You’ve heard about the program by TV, radio or mail and have done some preliminary investigation on reverse mortgages.


Meeting with a qualified reverse mortgage professional is key. This is where you learn about your specific numbers, what you qualify for and an analysis of your particular situation.


Counseling is required from an independent third party, HUD-approved counselor, for all reverse mortgage borrowers. Consult with your reverse mortgage specialist and make sure you complete this a soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.

Action / Application:

Meet with your trusted reverse mortgage loan officer and decide if a reverse mortgage is right for you. Our reverse mortgage specialists can meet with you at our office or your home and help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted advisors or family member(s) to review.


Upon receiving your HUD counseling certificate we will contact you to arrange for an appraisal of your property. Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.


We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. We will be in contact regularly during this time.


When the processing and all paperwork is complete, we forward your file for final approval and will work to satisfy any conditions/requirements needed to close the loan.

Closing & funds disbursed:

Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or partial lump sum (how you want to receive your money). Once you’ve signed the closing documents you have three business days to cancel the loan if you should chose to do so. After this time has passed your funds are usually distributed after another 5-7 business days depending on the payment option chosen.


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