Application & Approval Steps
Your privacy is of utmost importance to all of us. The information we obtain from you is kept strictly confidential and is used only as necessary to secure your reverse mortgage. Your information is stored and transmitted in accordance with all applicable state and federal regulations. The time required to approve your application depends upon the time required for processing and third party contributions (appraisal, title, etc.); however, the process typically spans 30 to 45 days from the date of application to the date of closing.
The Steps Are As Follows :
- Consult with our reverse mortgage specialist who will explain your options, answer your questions and provide you with any additional resources you need in order to determine whether you are interested in pursuing a reverse mortgage.
- We will provide you with a list of counselors from whom you can receive your counseling either over the phone or face-to-face at a time that is convenient for you. Completion of a counseling session with a HUD approved counselor is mandatory.
- Submit your application and have your home appraised. We will provide you with the application and disclosures to be reviewed, signed and returned and will have a local appraiser contact you to make arrangements to perform the appraisal.
- Once your application is returned and the appraisal complete, these documents, as well as any other documentation required by the lender, such as proof of insurance, will be submitted to an underwriter for review.
- Once everything has been satisfactorily documented, the underwriter will issue a final approval and a notary will meet with you to witness your signing of the closing documents.
- Finally, you will receive your first disbursement and/or your funds will become available approximately 30 days after closing.