Reverse Mortgage Process
1. Contact a Reverse Mortgage Advisor and decide if a Reverse Mortgage is right for you.
2. Counseling is mandatory under all Reverse Mortgage Products and Programs, consult with your Reverse Mortgage Advisor and make sure you get this completed as soon as possible.
3. Application - Our Reverse Mortgage Advisor will come to your home and help guide you through the complete application process for your Reverse Mortgage. You will be left with a complete copy of all the documents for you or your trusted advisors to review.
4. Processing - We the lender will begin to process your paperwork upon immediate notification that you have completed your counseling session. This process also includes ordering an appraisal, title report, credit report and any lien payoffs (if applicable).
5. Underwriting - After receive all the documents needed; we will finalize your loan parameters satisfy any conditions needed to clear your loan and pass it off to closing.
6. Closing and Disbursement - Signing will be scheduled with you for finalization of all documents and payment plans you selected. Once the signing has been completed, you will have 3 business days after closing to cancel the loan, if you should choose to do so. After this time has passed your funds are disbursed or set up depending on which payment option you have chosen.
