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Application Process
THE HECM REVERSE MORTGAGE PROCESS:

Speak with a licensed originator
1. Discuss your financial situation
2. Educate and answer all of your questions on the HECM Reverse Mortgage
3. Discuss the steps in obtaining a HECM Reverse Mortgage
4. Explanation of costs associated with the HECM Reverse Mortgage
5. Sends you an application
6. Endorse the application with a copy of drivers license/ state ID, social security card, mortgage statement, home owners insurance, and send it back.
7. Help you schedule a counseling session with an FHA Counselor

Speaking with a government counselor
1. Explains the HECM Reverse Mortgage in detail explores other financial options.
2. Answers any and all of the borrowers questions, runs a financial analysis check to make sure the borrowers understands the program. 3. Counseling certificate.

Appraisal
1. A licensed FHA appraiser reviews the borrowers property and the historical sales of comparable properties to determine value.

Processing
1. Reviewing documents
2. Checking to see if all of the information is complete
3. Approval
4. Schedule a clear to close

Closing
1. Signing the closing documents