Understanding the Reverse Mortgage Process

Follow the right steps to understand what is happening while you wait for your reverse mortgage to be finalized. It doesn’t have to be confusing. It is easy to feel bogged down in the paperwork required by the government if you don’t know all of the required steps. Knowing what to expect will help you stay upbeat as you work toward obtaining your reverse mortgage.

The Reverse Mortgage Helpdesk connects you with professionals who know exactly what is required to finalize your paperwork. Experts will help you every step of the way. When you are working with the right professionals, the process is much simpler. Let us help connect you to the right people for your needs. We know which experts can best help you with your individual situation, and we would love to make referrals on your behalf.

Here are the basic steps you will take when applying for a reverse mortgage:

• Determine your need or desire for a reverse mortgage - Collect information to decide if a reverse mortgage is right for you. If it is, what type of reverse mortgage will work best for you?
• Check to see if you qualify - Call us toll-free at 1-800-250-8810 for a recommendation to a licensed and reputable reverse mortgage expert. Ask how much money you can get today as you talk to an expert!
• Counseling is required - You must work with a HUD=approved counselor. Your reverse mortgage expert will give you an approved list of HUD counselors. You will need to get a counseling certificate from your counselor before your application can be processed.
• Complete the application process - You finish the application while the lender prepares the documents required for underwriting. The lender can start gathering required documents to facilitate HUD insurance on your loan.
• Processing the application - Just completing the application isn’t enough. The HUD-approved lender must make sure all government-required documents are in order. These include the appraisal, loan payoffs, title work, etc. The lender will handle most of the paperwork, but sometimes they need the client’s help to get the loan closed and issued.
• Underwriting your loan - Your loan application will be approved when it is successfully reviewed by a HUD-approved underwriter. The underwriter will make sure everything follows HUD guidelines so HUD will insure the loan.
• Closing the loan - When your loan is approved, a date and time will be set to sign closing papers. The lender will send a representative to your home with the exact figures contained in your loan. After you sign the papers, you will never have another mortgage payment on this home! And chances are you won’t even have any out-of-pocket expenses at the closing!
• Receiving the funds from your loan - Reverse mortgages are considered a “refinance” of your home. The lender is required to give you a “cooling-off” time period of three business days to review your documents and take care of anything you are not comfortable with. On the fourth day, your loan becomes official and funds can be dispersed to you. Payoffs are sent to lenders, then you receive any lump sum and/or you start to receive payments, and best of all…..
• You have the right to live in your home for as long as you choose while getting funds at the same time! - You can quit worrying about how to make mortgage payments on a limited income. There will never be another required mortgage payment. You will be getting funds instead of spending them! Never worry about being forced to move from your home!
  
  Reach The Reverse Mortgage Helpdesk experts at 1-800-250-8810 or you can click on the “Quick Quote” link to find out how much money you could be receiving. Sometimes it is better to receive rather than to give! Especially when it is money coming into your pocket instead of getting sent out to pay a mortgage bill! Give up making monthly mortgage payments! Freedom is only a call or click away!