What's My Next Step?

There are typically four steps to getting your reverse mortgage:

I. Learn About Reverse Mortgages

First learn as much as you can about reverse mortgages. If you contact us, we will answer any questions you may have over the phone, and usually have an initial informative meeting with the borrower(s) and any interested family members, friends, or advisors in the family home to explain reverse mortgages, or all without any obligation on your part. Federal law prohibits lenders from proceeding with the loan until after the borrower(s) have completed the next step -  counseling, and we will not ask for a commitment or for the borrower to sign anything until the borrower(s) have completed their counseling and have decided to proceed.

II. Counseling

Next, you’ll have a free counseling session with a FHA/HUD approved independent Reverse Mortgage counselor. Counseling is a consumer protection feature of the FHA Reverse Mortgage program to make sure borrowers understand the program. We will provide you with a list of counselors or you can find them on the FHA website. You choose and contact the counselor. The borrower(s) and anyone else they choose (other than a lender) may attend the counseling. Counseling can be done face to face or by phone. It usually takes less than an hour. Lenders are not permitted to participate in the counseling.

III. Loan Disclosures and Appraisal

When you have completed your counseling, we will come to your home to have the initial paperwork signed, including the loan application and other required mortgage disclosures. We will also have an FHA approved appraiser contact you to appraise your home.

IV. Loan Closing

Finally, we schedule your loan closing. The loan is usually closed in your home, frequently in as little as 3 weeks after counseling. Since this is a federally related mortgage loan, rescission applies, and the borrower(s) have the right to cancel the Reverse Mortgage as late as three business days AFTER the closing.