Step 1:  Complete our Reverse Mortgage Quote Request Form
This will provide us with enough information to give you an accurate estimate of how much cash is available to you through a reverse mortgage.  We will send you a written Reverse Mortgage Proposal explaining the basics of the program, a breakdown of the numbers as they relate specifically to your situation,and counseling information so that you can proceed with the next step if you like what you see.  Chad will of course discuss the proposal in detail with you by phone or in person if you choose to do so.  This quote/proposal is free with no obligation to proceed with a loan.

Step 2:  Complete Mandatory Reverse Mortgage Counseling
If the Reverse Mortgage Proposal that we reviewed with you meets or exceeds your needs, then it’s time to do the mandatory HUD reverse mortgage counseling.  In our proposal, you will have a list of local and national counseling companies who will deliver the reverse mortgage counseling to you by phone or in person, and it is usually free.  Everyone on title must be present for the counseling session and you are welcome to include a friend or family member who may be assisting you through the process.  By the way, we can provide you with sample questions and answers of the things they are going to ask you about.  Once this counseling is completed and you have the counselor fax or mail us a copy of your Counseling Certificate, you can proceed with the next step.

Step 3:  Gather Required Documents
Click here for a list of information and documents we will need to start processing your application.  You can send them by email, fax, or snail mail, or you can bring them with you when we meet at our office or in your home.

Step 4:  Sign Loan Application & Disclosures
If you are in the Austin area, we will meet with you at our office to handle the loan application and disclosures.  If you are in the Austin area but you cannot drive to our office, Chad will come to your home to meet with you.  If you are not within  a reasonable driving distance, we will email or FedEx the disclosures to you for signing and will review them with you by phone page-by-page before you send them back.  This step is an opportunity to make sure we are all on the same page, that you understand what you are going to get from your reverse mortgage, and that you are indeed ready to proceed to the next step.

Step 5:  Order Appraisal & Process Loan
Once we have your signed loan disclosures and a check or credit card authorization for the appraisal, we will get it ordered.  (In hardship situations, we can get the credit card authorization, but not charge it unless your loan is not funded by us.   If your loan does fund, we’ll pay the appraisal out of your proceeds.)  While your appraisal is in process, we will be preparing your loan file for our underwriters.  Loan processing involves verifying all of the information in your loan application, ordering title work, ordering proof of insurance, ordering payoff information, etc., and putting it all together so that your loan is ready to go when we submit it for approval.

Step 6:  Underwrite & Approve Loan
Once your appraisal report comes in and we have sufficient value to continue with financing, we will submit your loan to our underwriting team.  Turn times vary week to week, but getting initial loan approval usually takes about one week.  With “conditional” loan approval usually comes a short list of “conditions” which need to be met before we can obtain final loan approval.  Sometimes we need something from you and sometimes it’s just revisions to the appraisal or title work.  Usually those conditions are easy to clear and we can resubmit your loan for final approval. Generally two to three days later we have final loan approval and are “clear-to-close”.

Step 7:  Lock Loan & Schedule Loan Closing
Once we are clear-to-close, we can finally lock your interest rate. At this time you will be given current rate options to include the rate available with your original origination fee and also slightly higher rates available for lower or zero origination fee.  Chad will discuss the pros and cons with you at that time.  With your rate locked, we’ll schedule your loan closing and have closing instructions to the title company within roughly 48 hours.

Step 8:  Close & Fund Loan
This final stage starts when the title company receives our closing instructions.   Generally within a day or so, our closer approves the final Settlement Statement from the title company and we send you a copy by email to review by phone before going to your loan closing.  After signing your closing documents at the title company, you will then have a 3-day right of rescission, which is a 3-day wait (Sundays and holidays do not count), before we can fund your reverse mortgage on the 4th day.  Once funded, the title company payoffs off your current mortgage (if any) and your reverse mortgage is now completed.

Get started now with our Reverse Mortgage Quote Request or contact us if you still have questions or concerns about your specific situation!