Steps to getting a Reverse Mortgage

Below is the most common process for getting a reverse mortgage. Our professionals are eager to help you understand the reverse mortgage process. Please contact us with any questions.

Step 1 - Research Reverse Mortgages
Speak with a mortgage professional about reverse mortgage options. Familiarize yourself with the various types of reverse mortgages and pick the one that is right for you.

Step 2 - Meet with a HUD approved counselor
In order to receive a reverse mortgage you must meet with an HUD approved councilor who will help you understand what it means to have a reverse mortgage. Independent HUD counseling typically costs $125 an we would be happy to provide you with a list of HUD approved counselors in your area.

Step 3 - Fill out our Reverse Mortgage application
After you’ve determined which program best suits you fill out our reverse mortgage application by clicking here. Your information is securely stored and transmitted.

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.  Repairs made prior to loan approval do not guarantee borrower eligibility.  Therefore, prospective borrowers risk incurring these repair costs even if their HECM application is not approved.

Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not.

Step 6 - Your loan reaches closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.

Step 7 - Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive the loan proceeds according to the manner that you have elected: one-time lump sum payment, monthly installments, as a line of credit or as a combination of a line of credit and monthly installments.

Step 8 - Repaying your Reverse Mortgage
Your reverse mortgage loan becomes due under the following circumstances.

  • Homeowner death
  • Sale of home
  • The home is no longer your primary residence
  • An event of default. Click here to learn more.

Please note: These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Mortgage Network Solutions

2036 Foulk Rd, Suite 102
Wilmington, Delaware 19810
Phone: 302-252-0100
Fax: 302-375-6330

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Mortgage Network Solutions NMLS# 58096 (http://www.nmlsconsumeraccess.org/)

 

Click Here For a List of all Company Employees

Licensed States: DC #MLB58096, DE #7552, FL #MLD432, GA #22859, LA #2407, MD #11919, NJ #9958028, NC #L-153858, VA #MC-3401


Licensed by the PA Dept. of Banking #20838, Licensed by the N.J. Department of Banking and Insurance #9958028.

Reverse Mortgage Disclosures: Mortgage Network Solutions, LLC will not make any mortgage loan commitments or fund any mortgage loans under the advertised program. Borrower is required to make payments for real estate taxes and property insurance.