Read more about the reverse mortgage process.

Understanding the Reverse Mortgage Process

At Generation Mortgage Company, we are committed to helping you understand the reverse mortgage process so you can decide if a reverse mortgage is right for you and your family. As you are moving forward with your reverse mortgage, take time to talk to your family and financial advisors.

Our professional are here to walk you through the process, however below outlines the basic process.

Counseling

As part of the reverse mortgage application process, you are required to seek counseling with a third-party, HUD-approved counselor. This may be conducted face-to-face or by telephone. The counselor will provide you with an explanation of the legal and financial obligations of the program as well as the alternatives that may be available to you. Upon completion of the counseling, you will be given a certificate to present to us as proof that you have completed your counseling. We can provide you a list of names and phone numbers of the HUD counselors in your area, to help you get started.

Application

Next, you will complete and sign the loan application package, which includes, but not limited to:

Disclosure for the estimated total cost of the loan
Good faith estimate
Truth in Lending Act
Total annual loan cost
Loan comparisons
Benefits summary

Processing

Several services will be ordered including, but not limited to:

Appraisal—to determine the value of your home
Credit report
Title
Flood determination
Application information verification
Additional information may be requested by processor

Underwriting

After receiving all documentation, we will process and submit the loan package to an underwriter for review. The underwriter ensures the loan requests and documentation meets all FHA guidelines.

Closing

Once approved, final figures and closing papers are prepared, and a closing date is scheduled. After the closing date, you have three days to cancel the mortgage in the event you change your mind.

Disbursement

Once your closing is completed, you will receive the proceeds from the loan—in the form of a lump sum, monthly payments or a line of credit—depending on the product you chose.

After the Closing

After the reverse mortgage closing process has been completed, your responsibilities with a reverse mortgage are similar to those associated with a traditional mortgage.

You are expected to:

Pay property taxes in full and on time
Keep adequate property insurance and keep the policy up-to-date
Maintain the home in good repair
Continue living in your home as your primary residence

Why Generation Mortgage

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