A reverse mortgage is still “just a mortgage”. If you have ever gotten one before, then you know it is a bit of an endless pile of pages to read and sign. Then there is the processing and underwriting, and finally the closing. Here, we go over each and every step in the process along the way – in great detail. Happy reading!

• Informational stage
• Presentation of numbers
• Discussion of program, costs, rates and payment types
  • Costs
  • Rates and Margins
  • Annual vs. Monthly Adjustable
  • Fixed Rate
  • Ways to take funds
• Counseling
  • In person
  • Over the telephone
• Application and what’s in it
  • Information for the application
  • What does it obligate you to?
• Collection of documents
• Processing
• Title searches
• Appraisal Inspection
• Homeowner’s Insurance
• Underwriting
• Loan Approval
• Fulfilling conditions of the loan Approval
• Finalizing the numbers
• Scheduling a closing
• The actual closing itself
• Rescission period
• Funding
• Servicing
• What happens after the loan closes?