1) Learn and Become Educated on Reverse Mortgages.
Meet with a Reverse Mortgage Consultant from Approval Reverse Mortgage. Your consultant will explain the details of a Reverse Mortgage. They will look at your individual situation and present different alternatives allowing you to determine what is best for you. This is also a good time to have any individuals who would be involved in the decision to get the Reverse Mortgage to be present.

couple_on_dunes2) Counseling.
You will be given a list of HUD approved counselors. You will set up an appointment with one of them. The counseling agency will review documents they had sent you to be completed. Once that is done, they will explain the details of a Reverse Mortgage again. They will issue you a counseling certificate that authorizes you to start the process toward obtaining a Reverse Mortgage. By law, we cannot incur any costs on your behalf until we have confirmation that you have completed the counseling. Once we receive the original counseling certificate we can begin processing your Reverse Mortgage.

3) Application.
The Reverse Mortgage Consultant with Approval Reverse Mortgage will get together with you to sign the application to start the process. They will also collect for an appraisal at that time. Signing the application documents DOES NOT commit you to completing the loan process and closing the Reverse Mortgage.

gem094) Processing.
Once the application is completed, your reverse mortgage lender will order an appraisal that will determine the amount of your reverse mortgage. A title report will be ordered to see if there will be any lien issues in getting a loan.

5) Appraisal.black_couple_at_beach
You will be contacted by a FHA licensed appraiser to set an appointment to come to your home. The appraiser will determine the market value of your home. They will also perform a general inspection to determine if there are repairs that might need to be done to bring the house up to the minimum FHA standards. (Repairs made prior to loan approval do not guarantee borrower eligibility. Prospective borrowers risk incurring these repair costs even if their HECM application is not approved).

senior_beach6) Loan Submission.
Your loan application will be submitted to the lender once the processing is complete. The lender may send out a package of disclosures that look similar to the papers you have already signed with Approval Reverse Mortgage. The cover letter generally asks that you sign and return the package. You don’t have to return the package. It is a legal requirement that they send out disclosures when they receive your loan request to be underwritten.

7) Underwriting.
The underwriter is the person who makes the decision to approve or decline the loan request. Occasionally the underwriter may request additional information before issuing an approval. Our processor may contact you if we need your assistance.

8) Loan Approval
We will notify you that your Reverse Mortgage has been approved.

9) Loan Closing.
We will call you to schedule a time that is convenient for you to close your loan. You can go to the Title Company or a notary can come to your home to present the loan documents for your signature. Your Reverse Mortgage will fund on the fourth business day after the final loan documents have been signed.

Congratulations!
Your Reverse Mortgage is Complete!

Or Is It?...

10) After Your Reverse Mortgage is Closed.
Expect to get BOMBARDED with junk mail. The Deed of Trust is recorded with your County Clerk and Recorder. It is a public record at that time and anyone can view it. It seems that since the “National No Call” list was instituted prohibiting telemarketing to those who signed up, these records have become a major resource for marketing companies. They look for newly closed loans and sell the list to insurance companies, etc. You will receive solicitations in the mail that appear to be coming from the lender that closed your reverse mortgage trying to sell you something. Most likely they are not. Please give us a call if you have any questions about something you have received.

Counseling

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