Getting a reverse mortgage is a good option for those looking to retire but don’t have enough money saved up. It’s also an option for those who need money now and want to borrow against their home equity.

A reverse mortgage is not as easy as getting a traditional mortgage. It can be confusing to get started on the process; however, we have a perfect process here at GoReverseMortgage that will make your life a little easier. To get started on the reverse mortgage process with us, here are the steps that you’ll be taking: 

Step One: Free Consultation

First and foremost, you can schedule a free consultation with one of our experienced representatives. They will break the process down for you and help you learn more about the benefits and your eligibility for a reverse mortgage. 

Step Two: Counseling

Next, it’s time to schedule an appointment with a Department of Housing and Urban Development, or HUD, approved counselor! They will essentially act as your third-party reverse mortgage counselor and provide you with the necessary documentation to complete. They are there to help you review your documents and ensure you have all the information you need to continue the process.

You’ll be provided with a counseling certificate if the agency approves everything to begin the reverse mortgage petition. By law, we cannot proceed with your loan until we have confirmation that you have completed the counseling.

Step Three: Application

After this, you can decide if you believe a reverse mortgage is right for you! The three payment options include: 

  • Lump-Sum Payment
  • Monthly Payments
  • Line of Credit that grows over time

Step Four: Processing and Appraisal 

With your application now completed, an appraisal will be requested to determine your property’s value. Once we have received this information, we’ll let you know the exact amount of your reverse mortgage. 

Step Five: Submit Loan and Underwriting

Everything will go to an underwriter, who is in charge of deciding to approve or decline your loan application. In many cases, they may request additional info before issuing an approval. 

Not to worry! Our team will work with you and the underwriter to ensure the process is smooth. 

Step Six: Loan Approval

One of our representatives will contact you once your application is approved! We will then review the exact terms and conditions, so you understand what comes next. 

Step Seven: Loan Closing

And finally, it’s almost time to enjoy the perks of your reverse mortgage! Working with you, our team will schedule a time to close your loan. You can choose to visit the title company, or we will send the lender’s attorney to your home to witness the signing of your loan documents.

Congrats — you can now enjoy your retirement and choose how you’d like to spend your reverse mortgage funds and proceeds! 

Sign Up For a Free No-Obligation Reverse Mortgage Consultation

At Go Reverse Mortgage, we pride ourselves on excellent customer service and building long-lasting relationships with our clients. Our team wants to ensure you have a gratifying and seamless experience. We vow to find the best rates for your reverse mortgage, no matter your needs! Get in touch with us today