Understanding the Reverse Mortgage Process
eReverse makes the reverse mortgage process easy – the way it should be. Your licensed reverse mortgage expert will be with you every step of the way to answer questions and help ensure you find the loan that’s best for your financial goals & situation. Here’s how it works:
1) Speak With Your Expert
You will find out whether you qualify for a reverse mortgage, discuss your loan options, get a complimentary home value analysis, and an estimate of how much you are eligible to receive.
2) Talk To A Counselor
After you’ve reviewed your proposal and had your questions answered, its time to speak with a HUD approved Counselor. Your counseling session is designed to ensure you understand all of your financial options and the specific terms of your reverse mortgage. Counseling sessions generally take about an hour and can be done in person or over the phone*.
3) Complete Your Application
You will review and complete your loan application documents with help from your reverse mortgage expert. Your home will also be appraised by an FHA-approved appraiser.
4) Close Your Loan
You can sign your final loan documents and close your loan at home, or anywhere else you choose.
5) Receive Your Tax-Free Proceeds
You will receive your proceeds as a lump sum, monthly payment, or line of credit depending on the loan options you’ve selected. Now it’s time to enjoy your retirement!
* Phone counseling not available in all states.