Reverse Mortgage Process

Our Process

Our licensed specialists do everything they can to ensure you have a great experience throughout the entire process of getting your loan. They are with you every step of the way to answer your questions and ease any concerns. Here’s how the process will go.

Penny Moss

Senior Mortgage Banker

Educational Session
The first step you’ll take in the loan process is deciding whether or not the loan is right for you. During this step, you will:

  • Learn more about the program and get your questions answered from your licensed specialist.
  • Determine if you qualify.
  • Attend a required educational counseling session with a HUD-approved counselor.

Application and Review
During this step, we will review your financial situation and get the appraised value of your home. During application and review, you will:

Closing and Disbursement
This final step includes getting your proceeds. During this time, you will:

Process Details

Required Counseling Session
Counseling sessions ensure clients are aware of their financial options and truly understand how the loan program works. Here are a few facts:

HUD-Approved Counselors
Below are just a few of the HUD-approved national counselors. You can find these and others by visiting

National Foundation for Credit Counseling | (866) 698-6322
ClearPoint Financial Solutions | (877) 877-1995
National Council on Aging | (800) 510-0301
Greenpath | (888) 860-4167
Money Management International | (866) 698-6322

Financial Assessment
A financial assessment is required to ensure the borrower is in the best position to succeed with their new loan. Based on the review, we may set aside an estimated amount of funds that come from the loan proceeds to pay for property taxes and homeowners insurance. During this process, we will review:

The Appraisal
An appraisal determines the market value of your home, which is needed to determine how much money you qualify for. A licensed FHA appraiser will perform the inspection and compare similar homes in your area to determine your home’s value.

What Happens After Closing and Disbursement?

While you enjoy your new home equity conversion mortgage, you are still obligated to pay your property taxes, homeowners insurance, and home maintenance costs. If you fail to do so, the loan may come due. Aside from this, the loan only comes due when the last borrower vacates the home or passes away. Your heirs will never assume the debt, but have the option to keep the home by paying off the loan balance or 95% of the appraised value of the home, whichever is less.