LOAN PROCESS

What To Expect
There are typically six steps to the process and we will be with you along the way to ensure that each step if fully understood and goes as smoothly as possible.
Step 1: Free Quote

After you request a quote from our online form or by calling in, we take the information provided by you and prepare your quote. We contact you to go over the quote, discuss your options and answer any questions you may have.

Step 2: Counseling

This is an important consumer protection step in the process. You will be interviewed over the telephone by an independent agency. The agency conducting the interview is tasked with confirming you are not being coerced into a financial transaction you don’t understand or need. Your adult children are welcome to participate in the interview. The typical charge is $125 to $150 (paid by credit card over the phone). It is important to have bank statements during the counseling session (30-60 minutes), because the interviewer will ask about your income and expenses. A list of approved counseling agencies will be provided to you.

Step 3: Application

You will sign the reverse mortgage application. We will need a few additional documents to process the application. The application is non-binding and there is no application fee.

Step 4: Appraisal

A few days after signing the application, you will be contacted by an approved appraiser, who will set an appointment to inspect the home. A few days after the inspection, we will receive the appraisal and we’ll contact you to disclose the appraised value. We’ll review the reverse mortgage approval amount at that time with you to make sure you want to proceed. You will receive a copy of your appraisal.

Step 5: Lender Approval & Closing

About 7-10 days after we have the appraisal, we’ll have a final decision from our underwriting department. A few days after that, you will sign the final loan documents, witnessed by a Notary.

Step 6: Rescission Period, Recording & Funding

After the 3 day rescission period, the escrow company records the new lien and disburses funds. The initial funds you receive from the reverse mortgage are usually credited to your bank account approximately one week after signing.