The Process
The Reverse Mortgage Process
You will meet with a reverse mortgage loan officer. The reverse mortgage loan officer will either come to your home or you may come to our office. We will go over the reverse mortgage application and explain the whole process in great detail. This does not commit you to a Reverse Mortgage, so go ahead and set an appointment.
One of the requirements is to be counseled by a HUD approved counselor. HUD put this in place to make sure you fully understand the reverse mortgage process. We provide an approved HUD counselor list for your area.
Once we receive your counseling certificate from a HUD counselor, we will take your application and order an appraisal on the property to get the exact value. We will also order payoff amounts if you have a mortgage and title work to make sure you have no other liens on title.
After we have gathered all of these items for the reverse mortgage, we will set a date with you to close the loan. At this point, you still have three days to cancel or to make sure everything is exactly how we explained.
On the forth day, the loan will fund and you will receive your money.
Wondering how long the process takes from beginning to end? On average it's 30 to 45 days from the time of counseling.
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iReverse Corp.: 800-486-8786 ext. 790
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Reverse Mortgage, John Moore, Bentonville, AR
609 S.W. 8th Street, Suite 600, Bentonville, AR 72712
8774564999
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