Process

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Process2017-09-27T16:07:29-05:00

6 Steps to Getting a Reverse Mortgage

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

Here’s how the process will go:

1. Educational Session

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

  • Receive, review, and complete your application with guidance from your licensed specialist.
  • Undergo a financial assessment to make sure you can uphold the financial obligations of your loan.
  • Have your application documents reviewed and finalized

4. Order Title and Appraisal

Your processor will order title to make sure your title does not have any issues, then your processor will order your appraisal.  At your convenience, the appraiser will inspect your home inside and out. Then the appraiser will determine the value based on comparable sales in your neighborhood over the last 3 – 6 months.

2. Application and Review

Now your loan is ready for processing.  While the loan officer will be your primary point of contact your processor will make it more streamlined to get your loan closed quickly.  Additionally, she will coordinate when it’s convenient for you to have the appraiser come out to do the appraisal.  If you have any questions about the processing of your paperwork, you can always contact your loan officer or processor.

5. Closing Your Loan

In most cases, closing of the loan will occur in the comfort of your own home.  A representative will come to your home at a time that is convenient for you.  The day before the closing, your loan officer will call and go over the final reverse mortgage numbers and make sure you are receiving the amount that you anticipated.

3. Working with your Processor

Now your loan is ready for processing.  While the loan officer will be your primary point of contact your processor will make it more streamlined to get your loan closed quickly.  Additionally, she will coordinate when it’s convenient for you to have the appraiser come out to do the appraisal.  If you have any questions about the processing of your paperwork, you can always contact your loan officer or processor.

6. Funding

After three business days pass from the date of closing, the loan is funded the next day {the 4th day). Your money is wired to your bank account or sent to you as a cashier’s check via FedEx at your preference.  The loan officer will follow up with you the day after to make sure you received your funds.

Please fill out the form below to find out how much you qualify for.

1st USA Reverse Mortgage, LLC and its DBAs are not acting on behalf of or at the direction of HUD/FHA or the federal government. This material is not from HUD or FHA and has not been approved by HUD or any government agency.