The Reverse Mortgage Loan Proces

Reverse Mortgage Loan Proces


Loan Process

If you decide that a Reverse Mortgage is the right choice, you must receive independent counseling from a certified HUD Approved Counselor to make sure that you have had all your questions answered and that there’s been no confusion. It’s a protection device that government has built into process.
When You Have Chosen a Lender:

Next, the mortgage consultant will help you arrange for an appraisal to determine the market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.

Title is going to be ordered to verify if there are any open liens on the home.

After the appraisal and title reports are completed, the mortgage consultant will go through all the normal processing procedures that you would find in any mortgage.

The final step of the program is the closing where you receive the money, or proceeds, from your Reverse Mortgage. You can choose to receive the payment in one of four ways: as a lump sum, monthly payment, line of credit or a combination.

What you do with the money is up to you!