Reverse Mortgage Application Process

How Long Does It Take to Get a Reverse Mortgage?

Getting a reverse mortgage takes 30 to 45 days and requires a five-step application process. 

Key Takeaways

• The complete process can all be done from the comfort of your home
• You can complete the reverse mortgage program in as little as a month
• Senior Lending will need to perform a financial assessment and make sure you meet the residual income requirements, which are very minimal
• A reverse mortgage loan is an excellent way to use your home equity when you need additional cash

The 5 Steps to Apply for a Reverse Mortgage

After going through the decision-making process, your next move is to complete the following steps:

1. Counseling

The first step in the process is to enter a counseling session with a federally insured counseling agency.  Counseling is required by HUD for your protection. During your counseling appointment, you and your counselor will discuss the benefits of a reverse mortgage.

2. Application

The next step is taking the application and gathering the minimal documentation, your HECM Advisor will assist you with this step.  Completing this step will allow for the Appraisal & Title work to be ordered

3. Appraisal

You will need to have your home appraised after you have signed the application and counseling certificate. The appraiser will enter your home and take pictures of every room along with measuring the square footage as well as examine any recent upgrades and renovations that you may have done.

4. Underwriting

Once the underwriter receives and reviews the official Appraisal Report from the AMC (Appraisal Mgt. Company) and all your documentation they will issue your Loan Approval.

5. Closing

The final step of the reverse mortgage process is Closing and Funding.  This is where you authorize the loan Closing Documents to receive your funds.  A closing agent will come directly to your home for convenience.

You can choose whether to accept your money via certified check or the more popular way by wire directly into your bank account.

Why Chose Senior Lending?

1. Trusted Partner

Senior Lending has been providing Florida homeowners with reverse mortgages for over 25 years. We blend relationship-driven service with exceptional product knowledge to achieve our client’s financial retirement goals.

2. Safeguard Your Reverse Mortgage Application

At Senior Lending Corporation, we prioritize your trust, satisfaction and financial security. Wherever you are in Florida, applying for a reverse mortgage is safer and easier than ever:

• Non-Recourse: FHA ensures that you can never owe more on the loan than what the house is worth when the HECM is repaid. All remaining equity belongs to you or your heirs.
• FHA-Approved Counseling: Your third-party counseling session will be with an FHA-approved counselor. A trustworthy professional will give you helpful information, knowledgeable insight and peace of mind.
• FHA Fee Limitations: The closing fees are limited and regulated by FHA for your protection and financed for your convenience.
• No Pre-Payment Penalties: You can get a penalty-free head start on your repayment anytime. Your loan isn’t due until you sell your property or move out permanently.

3. Personalized Solutions

Your personal Advisor will listen to your needs and show you how the HECM loan can secure and enhance your retirement and quality of life. From initial consultation to closing and any point in between, your Advisor is there to quickly provide answers to your questions while working at your pace.

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