reverse-mortgage-process

The Reverse Mortgage Process

If you ever need any additional information, please don’t hesitate to contact me. Once you are ready to begin the actual loan process, we can follow the steps listed below:

  1. Reach out to us
    1. Make sure you get all of your questions answered and you feel comfortable with the facts about a reverse mortgage.
  2. Schedule independent reverse mortgage counseling
    1. Schedule and complete your independent, third party counseling with a HUD approved counselor. A list of counselors will be provided to you by your LeaderOne Reverse Mortgage Banker.
  3. Complete an application
    1. Coordinate your application with the Reverse Mortgage Banker. Items you will need at the time of application include:
      1. Your counseling certificate
      2. Proof of social security number
      3. Photo I.D., such as drivers license or state issue I.D.
      4. A copy of your homeowners insurance policy
      5. A legal description of your property or copy of the property deed
  4. An appraisal will be completed on your property
    1. An appraiser will appraise your home to determine the value. This step is completed on all mortgage loans.
  5. Close your reverse mortgage loan
    1. This is where you will sign all the paperwork so you can receive your funds.

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