Once you have made contact with a mortgage specialist, the specialist will get a package ready for you to review and sign. Many borrowers prefer to review their package with their family or a financial advisor without the reverse mortgage specialist present, thus the package is sent to the senior to fill out and sign on their own.  

The senior homeowner must complete a mandatory Reverse Mortgage counseling session with a HUD approved counselor.  The senior must set this session up themselves to be certain that borrowers are not being pushed into transactions. This protects the homeowner and also further educates them as well.

Once the Reverse Mortgage specialist receives the counseling certificate, the process begins. The next step is to have an appraisal from a FHA approved appraiser. While the appraisal is being done, the mortgage specialist and processor will be working on obtaining all the documents required in the reverse mortgage loan and building the loan file.  Once the file is complete, the file goes to underwriting.  One out of underwriting the file then goes to the loan docs department, where the closing is scheduled.

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