The Process

The Process of Getting A Reverse Mortgage

Awareness:
You've heard about the program by TV, radio or mail and have done some preliminary investigation on reverse mortgages.

Education:
Meeting with a qualified reverse mortgage professional is key. This is where you learn about your specific numbers, what you qualify for and an analysis of your particular situation.

Counseling:
HUD counseling is mandatory for all reverse mortgage borrowers. Consult with your reverse mortgage specialist and make sure you complete this as soon as possible. Many times counseling can be completed over the telephone. You will receive two certificates; one to keep and the other to send to our office.

Action/Application:
Meet with your trusted reverse mortgage advisor and decide if a reverse mortgage is right for you. Our reverse mortgage specialist can meet with you at our office or your home and help guide you through the application. You will be left with a complete copy of ALL the documents for you and your trusted advisors to review.

Appraisal:
Upon receiving your HUD counseling certificate we will contact you to arrange for an appraisal of your property. Reverse mortgages use a full FHA appraisal. The value of your home is based on what comparable properties in your neighborhood have sold for recently.

Processing:
We (the lender) will begin to process your paperwork. This process includes the appraisal, title report and checking the balance of any liens/mortgages to be paid. We will be in contact regularly during this time.

Underwriting:
When the processing and all paperwork are complete, we forward your file to the loan underwriter for final approval and will work to satisfy any conditions/requirements needed to close the loan.

Closing & Funds Disbursed:
Once your loan has been approved by underwriting we will contact you to arrange for the signing of your final loan documents. At this time we will confirm your payment plan or partial lump sum (how you want to receive your money). Once you've signed the closing documents you have three business days to cancel the loan if you should chose to do so. After this time has passed your funds are usually distributed after another 5-7 business days depending on the payment option chosen.


Reverse Mortgage West
Owen Coyle
8975-403 Lawrence Welk Dr.
Escondido, CA 92026

Direct: 888-512-4306