At Top7 Mortgage, we guide you through each step of the reverse mortgage process to ensure clarity and confidence. Here’s how the process works:

1. Prequalification: After addressing your questions, we’ll review your credit report to assess your creditworthiness, income, and property charge payment history to determine loan eligibility.
2. HUD-Approved Counseling: Counseling is mandatory for all reverse mortgages. You can complete this via phone or in person through a local or national HUD-approved agency. This unbiased review ensures you fully understand the program.
3. Loan Application: We will assist in preparing your loan application. You can sign it electronically or on paper. Once submitted, we’ll start processing your loan.
4. Processing: This step includes ordering services like appraisals, title work, and flood certification. You will schedule an appraisal and make payments directly to the appraisal management company. After the appraisal, we will update your loan terms accordingly.
5. Underwriting: An underwriter will evaluate your loan application to ensure it aligns with the lender’s guidelines, addressing any potential risks before moving to closing.
6. Closing: Closing will be arranged at a convenient time and location, such as your home or the title company’s office. You will need identification and a voided check for funds via bank wire. Depending on your state, either an attorney or a notary will oversee the closing.
7. Funding: After closing, your funds will be wired to you by the title company on the fourth business day. The three-day rescission period, excluding Sundays and holidays, allows you time to review the documents you signed. Once this period ends, the transaction is finalized.