Reverse Mortgage | ProcessAt Christensen Financial, we are committed to helping you understand the reverse mortgage process. We will guide you and make sure you have all the information you need to decide if a reverse mortgage is right for you and your family. As you move forward with your reverse mortgage, take the time to talk to your family, and financial advisors.

 

 

Our professional are here to walk you through the process, however; below outlines the primary process.

  1. COUNSELING
  2. APPLICATION
  3. PROCESSING
  4. UNDERWRITING
  5. CLOSING
  6. DISBURSEMENT
  7. AFTER THE CLOSING

 

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COUNSELING
As part of the reverse mortgage application process, you are required to seek counseling with a third-party, HUD-approved counselor. This may be conducted face-to-face or by telephone. The counselor will provide you with an explanation of the legal and financial obligations of the program as well as the alternatives that may be available to you. Upon completion of the counseling, you will be given a certificate to present to us as proof that you have completed your counseling. We can provide you a list of names and phone numbers of the HUD counselors in your area to help you get started. 

APPLICATION

Next, you will complete and sign the loan application package, which includes, but not limited to:

  • Disclosure for the estimated total cost of the loan
  • Good Faith Estimate
  • Total Annual Loan Cost (TALC)
  • Loan Comparisons
  • Benefits Summary 

PROCESSING
Several services will be ordered including, but not limited to:

  • Appraisal—to determine the value of your home
  • Credit report
  • Title
  • Flood determination
  • Application information verification
  • Additional information may be requested by processor 

UNDERWRITING
After receiving all documentation, we will process and submit the loan package to an underwriter for review. The underwriter ensures the loan requests and documentation meet all FHA guidelines. 

CLOSING
Once approved, final figures and closing papers are prepared, and a closing date is scheduled. After the closing date, you have three days to cancel the mortgage if you change your mind. 

DISBURSEMENT
Once your closing is complete, you will receive the proceeds from the loan—in the form of a lump sum, monthly payments or a line of credit—depending on the product you chose. 

AFTER THE CLOSING
After the reverse mortgage closing process has been completed, your responsibilities with a reverse mortgage are similar to those associated with a traditional mortgage.
You are expected to:

  • Pay property taxes in full and on time
  • Keep adequate property insurance and keep the policy up-to-date
  • Maintain the home in good repair
  • Continue living in your home as your primary residence