So What Is The Process?
- You'll speak with a loan officer to learn the basics of reverse mortgages and discuss your loan options. Once you have decided to move forward with a reverse mortgage. You will submit a request which is a non-binding agreement to proceed with counseling. At any point, if you change your mind, you may withdraw your request or application.
- Next, you will discuss your financial options with an independent, third-party counselor, a list of counseling agencies in your area will be provided. There is a fee for counseling. Sessions run approximately 60 minutes and can be conducted in person or over the phone (some states require in-person counseling), with family and. or trusted advisors.
- After you complete the counseling session and your counselor has issued a certificate of counseling, you will complete an application with your loan officer
- An appraiser will inspect your home to determine its value
- The next step is to review and sign final loan closing documents. Should you change your mind at this stage, you will have three business days to cancel.
- After three business days, you will have access to your proceeds, depending on the type of disbursement you choose. Your loan officer will provide more detailed information on how to receive these proceeds