Reverse Process

We work hard to ensure a seamless process from start to finish. See below for a brief overview of what a reverse mortgage borrower will experience.

Education

You can begin your education by speaking with one of our licensed loan originators. They will review your current financial situation and help you decide if this product is the right move for you.

Once you decide to move forward, you will be required to receive a third-party counseling from a HUD-approved agency. The counselor has no affiliation with the lender and will ensure that you understand the product fully.

NRMLA members must adhere to the “Code of Ethics & Professional Responsibility” and the “Pledge to Reverse Mortgage Borrowers” in which they promise to serve borrowers with integrity and professionalism. 

Application & Review

You will complete an application and submit it for processing. Our team will then order your home appraisal, title report, lien payoffs, and credit report. The home appraisal will allow us to better understand what your home is worth and what repairs (if any) need to be made. Once we have all the required documents, we will then submit your final to underwriting for final review..

While reviewing your financial situation, your loan officer will conduct a “Financial Assessment”. This is to ensure that you will have the financial means to continue paying your property taxes, homeowners insurance, HOA dues (if any), and maintenance charges. The HECM has options for borrowers that may have trouble continuing these payments.

Closing & Disbursement

Once underwriting as approved your loan, we will schedule a closing at your home or wherever you’d like. Three days after the closing date, we will disburse your funds depending on your payment plan.

Unlike a traditional mortgage loan, you are not required to make monthly mortgage payments with a HECM. However, you are still responsible for your property taxes, homeowners insurance, and home maintenance. Failing to pay would violate the loan terms and can result in the loan becoming due.

 

The loan will also become due when the borrower permanently leaves the house or passes away. Your heirs will never take on the debt, but like any loan, it must be paid back. The estate can sell the property to pay off the debt, use private savings, or the property can be purchased for 95 percent of its current appraised value.

Find a Loan Officer

We will connect you with a licensed loan officer in your area. 

Eligible Calculator

See which reverse mortgage programs you’re eligible for. 

Read FAQ's

We’ve addressed the most common questions about reverse mortgages.