STEP ONE: Preparation

• Education. Your RMF loan specialist will have all the information you’ll need to help you decide if a reverse mortgage is the right solution for you.

STEP TWO: On the Road

• Application. After counseling, if you’ve decided to move forward you’ll choose a lender and submit your application to them. The application includes some personal information, and a financial assessment will be conducted to make sure you’ll be able to afford ongoing expenses like property taxes and insurance and home maintenance.
• Counseling. You’ll meet with a third-party reverse mortgage counselor who’s approved by the U.S. Department of Housing and Urban Development (HUD), to make sure you understand all aspects of the loan.

STEP THREE: Rounding the Bend

• Loan Processing & Underwriting. Your home will be appraised, by an independent appraiser, to determine the value. Then the appraisal and loan package will be sent to an RMF underwriter for review and approval. The underwriter will make sure all the information in the package is correct and compliant with all laws and regulations.

STEP FOUR: Almost There

• Signing Closing Documents. After your loan application is approved, you will sign your closing documents with a title officer or attorney (depending on your state’s requirements).

STEP FIVE: Arrival!

• Funding and Disbursement. Three days after closing, the loan funds are disbursed and you can access them according to the payment plan you selected. Your loan funds will first be used to pay off any existing mortgage on your home, a new lien (the reverse mortgage) is placed on the home, and you can use the remaining funds from your reverse mortgage however you choose.