The Reverse Mortgage Process in 8 Simple Steps
Since 1988, reverse mortgages have helped those of retirement age tap into their home equity and turn it into cash, which they can then use for any purpose they choose.
Here, you’ll gain better insight into what you can expect during the reverse mortgage process.
We’ll also help you find answers to questions like:
- How do I apply for a reverse mortgage?
- How long does it take to get a reverse mortgage?
- What does the reverse mortgage process look like?
Step 1: Do Your Research
Step 2: Contact a Licensed Loan Officer & Request a Proposal
Step 3: Complete an Initial Application
Step 4: Attend a Reverse Mortgage Counseling Session
Step 5: Complete an Appraisal
Step 6: Complete an Underwriting Review
Step 7: Loan Closing
Step 8: Loan Disbursement
What step are you currently on in the reverse mortgage process?
If you have questions or concerns at any point, our reverse mortgage experts are standing by to assist.
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Guild Mortgage, LLC NMLS #3274. Equal housing opportunity. Guild Mortgage borrowers must maintain the property and keep current property taxes, homeowner’s insurance and HOA dues. This material is not from HUD or FHA, nor was this approved, endorsed by, or on behalf of any Government Agency. For licensing see www.nmlsconsumeraccess.org