The Reverse Mortgage Loan Process

  • Discuss your home financing goals with an experienced Family First reverse mortgage consultant
  • Receive consumer counseling from a HUD-approved counselor
  • Meet with a Family First reverse mortgage consultant to apply for your loan
    • Fill out an application
    • Select a payment plan
    • Present required documnetation
  • Underwriting and loan decisioning take place
  • Upon approval, a closing is scheduled with all of the required parties, which may include your lender, your attorney and/or the title company representative
  • Depending on your state's laws, you can choose where you would like the closing to take place; the closing can take place in the title office, or your home
  • After the 3-day right of rescission, and any existing debt on your home is paid in full with proceeds from your new reverse mortgage loan,
  • your remaining loan proceeds are disbursed.

 

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