Application Process

Step 1.  Initial Discussion

A Reverse Mortgage Specialist will talk through with you what to expect during the process, the advantages and disadvantages, an estimate on how much money you can expect to receive as well as answer any questions you may have until you are comfortable with all of the information. If you decide a Reverse Mortgage is for you, we'll take you to the next step.

Step 2.  Third Party Counseling

We'll provide you with a list of certified HUD-approved counselors. You can choose the counselor you prefer and schedule an appointment at your convenience. The purpose of the session is to ensure that all of your questions have been answered and that you are comfortable with moving forward with the Reverse Mortgage process. This session is provided by the government as a safeguard for your financial interests.
To find a counselor in your area, click here.

Step 3.  Appraisal

We'll arrange for an appraisal of your home to determine the market value and if there are any home improvements that need to be made in order to meet the Federal Housing Administration guidelines.

Step 4.  Inspection

If required, an inspection will be done to ensure the house is structurally sound and that there is no extensive termite or dry rot damage.

Step 5.  Underwriting

The Reverse Mortgage underwriting process is the same as with a normal mortgage.

Step 6.  Closing

Now is time when you'll receive your money.