Step-by-Step Process
The process of obtaining your Reverse Mortgage is much easier than other mortgages you may have gotten since you will never have to make any mortgage payments while you continue to live in your home. We will guide you through the process so that you know what to expect. Here are the steps:
- 1Speak with one of our licensed Senior Security Reverse Mortgage Loan Originators.
Contact a Reverse Mortgage Loan Originators now to find out if a Reverse Mortgage is right for you and if you qualify. - 2Your Senior Security Reverse Mortgage Loan Originators will assist you with your application.
There are some great options to choose from, and your Senior Security Reverse Mortgage Loan Originator will help you decide which one provides the most benefit for you. - 3Counseling
A counseling session is required by HUD (Dept. of Housing and Urban Development), to make sure all your questions have been answered. You will receive a counseling certificate upon completion. We'll provide a list of counselors for you to contact. - 4Appraisal
After you receive your counseling certificate, a licensed and independent third party Appraiser will visit your home to determine the market value and check for any needed repairs. - 5Processing And Underwriting
After the written appraisal has been received, along with any other necessary documents, an underwriter will finalize the approval of your Reverse Mortgage. - 6Closing
We will make all the arrangements, come to your home and conduct the closing at your dining room table, or any other place of your choice for your convenience. - 7Disbursement of your funds
There is a three day right of rescission during which time you may cancel your application. After the three days have passed, proceeds of the loan will pay off your mortgage and any other debts you want. The balance of funds will be disbursed to you based on your wishes. - 8Afterwards
Your closing is only the beginning of our relationship. We will always be there for you to answer any questions about your Reverse Mortgage. Remember, don’t look for a payment book to arrive in the mail – you no longer have make mortgage payments.
Contact one of our Reverse Mortgage Loan Originators today and tell them:
“I’ve got a lot of living to do!”
