Reverse Mortgage Process
1. Review Your Options
The first step to getting a reverse mortgage, is to provide me with some basic information so I can present you with options that will best meet your goals. I will be pricing out options for you between roughly 30 different lenders in Oregon and Washington to help you find the best lender and program for your situation. You can initiate this by calling me at 971-225-0595 to discuss your scenario. The phone conversation would likely be about 20 minutes long. There's no obligation, there's no cost for this, and you won't be dealing with any salesmen. It's all about providing you with options so you can decide what makes sense for you.
2. Get The Ball Rolling - Neutral 3rd Party Counseling
Once you have notified me that you'd like to pursue a reverse mortgage, I will generate a summary of the program for you to review and will give you instructions on calling a 3rd party reverse mortgage counselor. There are a number of counselors to choose from and you will be provided a list of contact info for them. Prior to moving forward with the reverse mortgage, this counseling is required to ensure you fully understand the pros and cons of the program, as explained by a neutral 3rd party. Most clients elect to do the counseling over the phone, but you can request a face to face appointment as well. Once the counseling is done, the counselor will send you a certificate of completion, which we will need a copy of. Once we have proof you've completed the counseling, we will finish up your application and get it out to you for signatures. Once we have your application package signed and have any supporting documentation we might need from you, all of your documentation will be reviewed to ensure you're still qualified, and then we will order your appraisal, which is typically the only out of pocket expense.
3. Underwriting and Final Approval
Once your appraisal comes back, we'll submit your completed file to the lender for underwriting. The underwriter will then either request additional documentation of provide their final approval for the loan. At this point your loan documents will be drafted and sent to the title company.
4. Funding & Recording
The title company will then schedule you to sign all of your final closing documents. After signing, there will be a mandatory 3 business day wait period, and then your new loan will fund and will be recorded with the county. At this point you will be in your new loan and enjoying the freedom of no longer having to make any mortgage payments!