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  • About Me
    • About Me
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  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors

The Reverse Mortgage Process

Awareness

You may have heard about the reverse mortgage loan on TV, on the radio, online, by receiving a mailer, or you did your own research.

Education

Meeting with a qualified mortgage loan originator is key. This is where you learn about your specific numbers, what you qualify for, and receive an analysis of your particular situation.

Counseling

Counseling is required from an independent third-party, HUD-approved counseling agency, for all reverse mortgage borrowers. Typically this fee is paid by the borrower. Consult with your reverse mortgage loan originator and make sure you complete this a soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.

Action / Application

Meet with your mortgage loan originator and decide if a reverse mortgage is right for you. Our reverse mortgage professionals may meet with you at our office or your home or by phone to help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted advisors (i.e. CPA or attorney) or family member(s) to review.

 

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Financial Assessment

To help ensure the long-term success of the HECM loan over time, HUD requires a review of each applicant’s credit history, property tax payments and other credit factors that will be evaluated to measure a borrower’s willingness and financial capacity to meet the ongoing obligations of the loan.

Appraisal

Upon receiving your HUD counseling certificate we will contact you to arrange for an appraisal of your property. The appraisal is paid by the borrower. Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.

Processing

We (the lender) will begin to process your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. Also, verification of income and other credit factors are gathered at this time. We will be in contact regularly during this time.

Underwriting

When the processing and all paperwork is complete, we forward your file to the loan underwriter to determine if the loan will be approved and will work to satisfy any conditions/requirements needed to close the loan.

Closing & Funds Disbursed

If your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or partial lump sum (how you want to receive your money). Once you’ve signed the closing documents you have three business days to cancel the loan if you should choose to do so. After the cancellation (rescission) period has passed your funds are distributed based on the payment option you chose at closing. HECM for Purchase loans does not have a rescission period.  See HECM for Purchase Guideline for more information.

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
Adult Children
How Much Can You Get?
Use our free calculator that will help you see how much you could qualify for.
Loan Calculator
Is It Right For You?
Get the facts from a qualified reverse mortgage originator.
Get The Facts
NMLS#: 400261
NMLS Consumer Access
CRMP Affiliation Equal Housing Lender Affiliation

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Jeff Flanery, CRMP
NMLS #400261
Phone: (612) 240-9517
Work Phone: (952) 486-6114
Cell Phone: (612) 240-9517
Cambria Mortgage

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  • About Me
    • About Me
    • Disclosures & Licensing
  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors