Reverse Mortgage Adviser Icon Reverse Mortgage Adviser
Your Resource for Objective Reverse Mortgage Information
Call Now! 1-800-407-6365
Lenders Click Here
Reverse Mortgage Calculator

Borrower Eligibility
  • All borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Participate in an information counseling session
  • Property must meet FHA property standards
  • Maintain home with needed repairs, property taxes and insurance
Loan Amount Based On
  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit


Helpful Links
Reverse Mortgage Home
How Reverse Mortgages Work
Step By Step Process
Reverse Mortgage Calculator
Browse Reverse Mortgage Lenders
Reverse Mortgage News
Reverse Mortgage Articles
Frequently Asked Questions
Testimonials and Interviews
Reverse Mortgage Video

BBB Accredited Business



Corporate Links
About Us
Contact Us
Privacy Policy
Sitemap

 

Step By Step Process

1. Research
Gather information and contact lenders to determine if a reverse mortgage is right for you. If necessary involve others that you trust, a family member, friend or adviser.

Free information for your research:
Reverse Mortgage Kit
Reverse Mortgage Guide Downloads

2. Counseling
HUD requires that you received third-party counseling from a HUD-approved agency. The counselor will ensure that you understand your reverse mortgage options. Counseling can be scheduled by calling a member of the National HECM Counseling Network or you can contact HUD directly.

3. Application
Complete the application and determine how to receive payment. Options are as follows:

  • Lump Sum
  • Monthly Payments (your choice of loan advances for a specific period, or for as long as you live in your home)
  • Line of Credit (unscheduled payments or installments, at times and in amounts of borrower's choosing until the line of credit is exhausted), or
  • Any combination of the above three choices
Review a detailed list of reverse mortgage products.

4. Processing
Application is processed by your lender who also orders an appraisal, title report, lien payoffs and credit report. The appraiser will determine the value of your home and uncover any structural defects or repairs that may be required following the closing of the loan.

5. Underwriting
Upon receipt of necessary information and documentation your lender will finalize the parameters, package and submit loan for underwriting and final approval.

6. Closing
After loan approval a final signing is scheduled. The loan's initial interest rate is calculated and, in most cases, closing costs are financed by the loan. You are presented with closing papers and final figures for signing.

7. Disbursement
Following closing you have three business days to cancel the loan. Once this period has passed the loan funds are disbursed and the loan has been applied to any previous debts on the property. You begin receiving payments according to your selected payment option.

8. Repayment
There are no monthly payments to be made during the life of your loan. The reverse mortgage becomes due and payable in full once: 1) the home is no longer being used as a primary residence, 2) it is sold, or 3) the borrower passes away. Upon the death of the borrower, the loan may be repaid from the sale of the home or by refinancing the existing reverse mortgage. All remaining equity belongs to the heirs/estate.

More Reverse Mortgage Counseling Information


Find A Reverse Mortgage Lender
Find a reputable reverse mortgage lender in your area.
Free Reverse Mortgage Guides
Download up to 5 Reverse Mortgage Guides FREE!
Download up to 5 Reverse Mortgage Guides FREE!
Get Your Reverse Mortgage Kit
Everything you need to know about reverse mortgages.
Get Your Reverse Mortgage Kitr
Reverse Mortgage Video Learning
Determine whether a reverse mortgage is right for you.
Reverse Mortgage Video Learning
Talk To A Reverse Mortgage Expert
Contact an experienced reverse mortgage counselor.
Talk To A Reverse Mortgage Expert
Free Reverse Mortgage Calculator
Find out how much you can borrow, instantly.
Free Reverse Mortgage Calculator

Read Reverse Mortgage Articles
Reverse Mortgage Loans for Senior Citizens
Instant Online Internet Reverse Mortgage Web Calculator
Reverse Mortgage Programs on the Web News
A Reverse Mortgage Price Counselor Counseling Consultant
Reverse Mortgage Loan Costs and Fees Specialist
Seminar: Problems With Reverse Mortgage Products
pros, cons, benefits, disadvantages & pitfalls of reverse mortgages
Age Formula for Reverse Mortgage Rate Calculations
Reversemortgage, Reverse Mortages, Reverse Morgages
Myths, Misconceptions & Limits of the Reverse Mortgage Industry
Application Qualifications to Apply for a Reverse Mortgage
Education Guide, Facts & Rules for the Reverse Mortgage Dummy
What is a Reverse Mortgage, Definition, Guidelines, About & FAQ
Reverse Mortage Loan, Rate and Payment Calculator
Reverse Mortgage Company and Broker Comparison
Affordable Reverse Mortgages from Banks & American Government
Reverse Mortgage Lending, Interest Rates and Line of Credit
Reversed Mortgage Loan Guide for Reversed Mortgages
New Jumbo Affordable Reverse Mortgages Advantages
Statistics Provider Proves That Reverse Mortgage Market Works
Closing Costs of Reverse Mortgage Refinance / Refinancing
Reverse Annuity and Home Equity Conversion Mortgage
FHA Legislation Creates Insurance for HUD Reverse Mortgages
Leads for Reverse Mortgage Lenders, Agents and Brokers
Proprietary / Private Company Reverse Mortgages
HECM Reverse Home Equity Mortgage Loan

Browse Reverse Mortgage Lenders by State
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
District of Columbia
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming