Meeting with a qualified reverse mortgage professional is key. Contact me for more information about details and specific reverse mortgage loan programs. 831-645-1164 or galen@treehousemortgage.com. The National Reverse Mortgage Lenders Association http://www.reversemortgage.org provides an excellent overview of reverse mortgages and can answer many questions. I am a member and my parent company American Pacific Reverse Mortgae Group is a member. HUD is also a good resource for educational materials. https://www.hud.gov/program_offices/housing/sfh/hecm/hecmhome

A HUD-approved agency interviews you usually over the phone, for a lengthy conversation often lasting over an hour. It takes a few days to schedule and at completion you receive a certificate. The cost est. $150.00 is paid by you usually with a credit card and in exceptional cases the cost can be collected at closing from the reverse mortgage proceeds. I can provide that list of counselors.

Once you have completed your HUD counseling, after a 7 day wait period in California, I will guide you through the application package. We can do this in person or over the phone. If you live in California I can help you!

At this phase we open escrow, order the title report, the FHA case number and most notably order the appraisal. The appraiser will contact you directly to schedule the inspection. This step can take a couple of weeks and from here to the closing table takes on average 30 days.

After the appraisal has been completed and the report is in hand, we submit the entire file for underwriting. Additional items might be requested.

Once your loan has been fully approved and any outstanding conditions have been satisfied, we will set up an accommodation signing to take place at your home or at my office, whichever is most convenient for you. The loan signing usually takes about 1 hour. We will then send the final loan documents back to underwriting, and you can expect your Reverse Mortgage to fund after 3 business days (a HECM for purchase has no 3 day recession).