Simplifying the Reverse Mortgage Process

The reverse mortgage process is not complicated – there are just four basic steps. Our goal is to make the benefits of a reverse mortgage easy to understand. Our reverse mortgage experts will guide you through all 4 steps to make the reverse mortgage experience simple and enjoyable.

Step 1: Education

Before you begin the reverse mortgage process, our reverse mortgage experts will help you determine if a reverse mortgage loan is right for you. We’ll help you answer two questions: Are you eligible? And, more importantly, is a reverse mortgage the best option to improve your retirement years? Our goal is to help you determine if you qualify for a reverse mortgage and to determine if a reverse mortgage is the right option for you. We strive to help our customers determine how they can live The GoodLife in retirement – with or without a reverse mortgage.

Step 2: Counseling

You’ll need to complete a counseling session with an independent agency approved by the U.S. Department of Housing and Urban Development (HUD). During your counseling session, which can be completed in-person or over the phone at your convenience, the counselor will review the information that we provided you in Step 1.

This counselor will also run the numbers, discuss your family budget, and provide you with any alternatives to a reverse mortgage. It’s important to remember your counselor is an objective third party; they won’t recommend you take any specific action—they’re simply there to serve as your helping hand during this process.

Step 3: Application

When you choose to move forward with a reverse mortgage, the next step is to fill out your application and then order an appraisal, order title & escrow and verify your income and assets. After all of these items are completed, then the loan is approved and ready for funding and disbursement.

Step 4: Funding

After we approve your loan, we’ll draw up the final loan documents and help you schedule an appointment to sign these documents with a friendly and knowledgeable notary. After the loan documents have been signed, we fund the loan, make any appropriate payoffs and then disburse your cash proceeds directly to your bank account. You get to decide how to use your cash, your way, so that you can live The GoodLife in retirement.

We’re Here to Help with Every Step

With this 4 Step reverse mortgage sequence, you can now get a better idea of what to expect during your loan process. If you have any questions, please reach out to us. We’re dedicated to ensuring that a reverse mortgage is the right loan, for the right person, and the right time, for the right property, for the right reason.

Want to learn more about the benefits of a reverse mortgage? Download our Comprehensive GoodLife Guide to Reverse Mortgages today!