1. DOES IT MAKE SENSE
Homeowner learns about the program from a news articles, books, or a one on one meeting with a local reverse mortgage specialist.
2. MORE INFORMATION
If necessary, homeowner seeks additional information by contacting a reverse mortgage lender or the National Reverse Mortgage Lenders Association.
3. COUNSELING
Homeowner seeks counseling from a HUD-approved counseling agency. It is mandatory. Counseling is usually face-to-face or via telephone.
4. APPLICATION
Homeowner fills out loan application and selects what option they would. Lender discloses all information in accordance to all Federal Laws and requirements.
5. APPRAISAL
An appraiser comes to your home. The appraiser assigns a value to the home and determines the physical condition of the property.
6. UNDERWRITING
After receiving all pertinent information and data, loan is sent to underwriting department for review.
7. CLOSING
If the loan is approved closing may take place.
