The first step is a free consultation with your Loan Officer, Charles Mimnaugh.
In this consultation we will go over if you qualify and if a reverse mortgage makes sense based on your specific needs.
The next step is to do a required Home Equity Conversion Mortgage Counseling session with an approved counselor.
During this counseling session you will discuss the prospect of a reverse mortgage with a 3rd party counselor and they will issue you a certificate of completion if you both determine a reverse mortgage to be a good idea.
After counseling we do a complete application and order an appraisal to get your home's value.
Then we work on anything else we need to close your loan, including any FHA required repairs, insurance coverage, and other loan conditions.
Finally, after everything is satisfied to the lender, we close your loan and your mortgage payment goes away!