What is a Reverse Mortgage?

Our goal at One Reverse Mortgage is to make the reverse mortgage process as simple as possible and to ensure you have a great client experience. Our specialists are with you every step of the way to answer any questions and ease any concerns that you may have. To give you a better idea of what the reverse mortgage process looks like, we’ve detailed the major steps you’ll go through.

Make the Call

The first step is finding out if a reverse mortgage, or Home Equity Conversion Mortgage (HECM), is right for you. Call and talk with a licensed specialist about your situation and they’ll help educate you on the program and determine your eligibility. After gathering some information from you, your specialist will then talk with you about your retirement goals and how a HECM can benefit you specifically.

Complete Your Application

Once you have decided on the right option for your situation, you’re ready to start your application! Your licensed specialist will send out all of the application materials for you to complete in the comfort of your own home. Upon your request, your specialist can even go through the whole application with you, making it much easier to understand.

Attend Counseling

The U.S. Department of Housing and Urban Development (HUD) requires that all applicants attend third-party counseling to make sure you’re aware of your available options and the details of a HECM. Your licensed specialist will assist you in finding a HUD-approved counselor.¬†Once you’ve chosen a counselor, you can either complete your session over the phone or you can meet with them face-to-face. After your counseling session is completed, you will need to send your counseling certificate to your specialist.

Appraisal

After you finish your counseling session you’ll need to get your home appraised by an independent, FHA-approved appraiser. After the appraisal is complete, your loan moves into the underwriting process. Underwriters review all the documents throughout the process thus far and prepare the paperwork for closing.

Closing and Disbursement

When your loan approaches closing, we send all of the required documents right to your doorstep for final signatures and review by you. We also include prepaid shipping labels in all of our packages to you to make it easy and simple for you to get your documentation back to your licensed specialist. Once the loan closes, you have a three-day period before funds are dispersed to rescind the loan. After the three-day grace period passes, you’ll receive your proceeds!