In Ohio, Indiana, Tennessee and Kentucky we are your reverse mortgage lender

The entire loan process can take months or a few weeks. It is really up to you. Most of our loans close three weeks after our clients decide it is right for them. Below is the typical reverse mortgage process. Since every loan scenario is unique, you can call us today to ask questions.

Reverse Mortgage Process

The first step is to speak with one of our reverse mortgage professionals and start your research. This is a very big decision and you need to gather information. How long are you going to stay in your home? If you plan on moving soon a reverse might not be for you. This is just one of the factors that must be looked at before deciding. If you intend on living in your home and numbers look good the next step is counseling.


Reverse Mortgage Counseling

The counseling must be preformed by a reverse mortgage certified counselor. The counseling can be handled face to face or over the phone. It is a minimum of forty-five minutes. This is a neutral third party whose job is to help you understand your options. The cost of HUD counseling ranges from free to $125.00. HUD offers lists of approved counselors on their wesite. After completion you will be issued a certificate as proof of counseling. The certificate is good for six months and must be signed and dated by all home owners involved.


Application and Underwriting

The next step is to complete the application with one of our loan officers. This can also be completed over the phone or in person. You will need to supply proof of your date of birth and social security number.You will also sign and date numerous disclosures and given a copy of everything involved. The reverse mortgage consultant will collect all necassary documentation, order the appraisal, request the title report, and submit the file to underwriting for final approval. After given the clear to close from underwriting, your mortgage consultant will schedule a time to close on your reverse mortgage loan. The entire process usually takes between three and four weeks.

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