At All Reverse Mortgage Company® every one of our staff members is a reverse mortgage expert.  We don't employ just anyone to work on your loans.  Our team has written and sold reverse mortgage loan programs directly to Wall Street and has insured them with HUD.  Our "processors" are so much more than ordinary "paper pushers", they each have the HUD Direct Endorsement CHUMs numbers and have underwritten Reverse Mortgages so they really know what each loan needs to go through the first time, with no hassles, and can answer your questions as an authoritative source, not a another level of frustration.

Here's what you can expect...

1)  Application
We take a small amount of information required to produce your application and package and you receive your package with an over-night delivery the next day.  We give you a written list of the few items you need to return to us with that signed package and even include a paid over-night envelope in which to return them. 
Items to be returned with Application:

• Signed Counseling Certificate
• Proof of Age (Drivers License or I.D. card)
• Proof of Social Security Number (Copy of SS cards or Medicare Cards)
• Copy of Homeowners Insurance Dec Page

Other Items (if applicable)

• Statement or Coupon for any Mortgages on Property
• Original Death Certificate
• Complete copy of Family Trust
• Copy of Power of Attorney

 
2)  Counseling

HUD requires that every borrower who receives a reverse mortgage obtain counseling from a HUD-approved third party counselor.  We will give you a list of counselors from which you can choose to either attend a session by phone, or visit in person.  Obtaining your counseling is important as HUD does not allow us to begin processing your loan until we have received the signed certificate.  In fact, you may choose to attend a counseling session at any time and do not need to wait for an application to do so.

Prepare for your Counseling Session with this checklist Click Here to Download Checklist (PDF file, 4 Pages)

3)  Processing your Loan Including Home Appraisal
Once we have your reverse mortgage application and your counseling certificate, we can begin to process your loan application package.  Your participation is required during the appraisal process.  We will have an FHA approved appraiser contact you and schedule an appointment to visit your home and perform the appraisal.  We ask that you make yourself available as soon as possible for the appraiser to visit your home so that he/she can complete the order in the shortest possible amount of time.

4)  Loan Underwriting
You loan must be underwritten by an FHA underwriter.  This is where we shine compared to many of our competitors.  Because your processing was completed by a processor with reverse mortgage underwriting experience, our loans typically go through with very few conditions if any at all and move quickly to loan closing.

5)  Loan Closing
The funding department will prepare your loan documents and will deliver them to a Notary Public experienced in Reverse Mortgages who will call you and make an appointment to come to your home for signing.  Those documents are then returned to the funder for loan funding.  Remember, every refinance transaction requires a Federal Right to Rescind which means that the loan may not close for 3 business days after the loan documents are signed, but then on the 4th business day (you cannot count Sundays or holidays), your loan will fund and any funds will be wired into your account.

Have a question about the Reverse Mortgage? If you or a family member would like a complete, no-obligation personal analysis please call Toll Free (800) 565-1722 or request a free analysis here