Reverse Mortgage Process
Step 1 – Select a Texas Based Reverse Mortgage Lender
The first step in obtaining a reverse mortgage is to select a lender that will work closely with you during the process. Your reverse mortgage lender should be experienced and knowledgeable about the industry. Reverse mortgages are not the same as traditional forward mortgages; they require the expertise and experience of someone who specializes specifically in them. Reverse mortgages are all we do; they’re our only business. Do not obtain a reverse mortgage from individuals or companies who want to re-invest your reverse mortgage proceeds as this may not be in your best interest. Always ask questions that pertain to your individual situation. I want to help you understand reverse mortgages and how they can benefit you. I want you to make the best decision possible for your individual situation. Experience matter in the Reverse Mortgage business and I have years of experience helping Texas homeowners with reverse mortgages.
Step 2 – Initial Discussion and Determination
The first thing we want to do is talk with you, either over the phone or in person, about whether a reverse mortgage is right for you. We will discuss the pros and cons, how it works, how much money you might expect to receive, and anything else you’d like to discuss. Only when you are comfortable with moving forward, will we take the next step. Once you are comfortable and think you want to proceed, we will discuss the financial assessment process for qualifying.
Step 3 – Counseling and the Application
If and when you decide that a reverse mortgage is the right option for your individual situation, you will receive independent counseling from a certified HUD-approved counselor. This counseling is in place to make sure that all of your questions have been answered, that there is no confusion, and that you understand the options available to you. Either before or after your counseling, we will go through the reverse mortgage application process. We will go over the forms and answer any questions you may have.
Step 4 – Appraisal
After the counseling and application package are completed, we will arrange for an appraisal to be completed to determine the market value of your home. The appraiser will also determine if any repairs will be needed to meet FHA standards.
Step 5 – Processing
Your file will be handled by my processor and by me. You will hear from me often and are always welcomed to call me with any questions.
Step 6 – Underwriting
After the appraisal is received and the file processed, we will submit the file to Underwriting for the final decision.
Step 7 – Closing
The last step is the closing, after which you will receive the proceeds from your reverse mortgage in the manner that you requested.