How To Complete Your Reverse Mortgage
Below are 8 simple steps to go through in order to apply for and complete your reverse mortgage. If you have more specific questions about the process, feel free to contact us.
1. See if You Qualify
In order to qualify for a reverse mortgage you must be 62 years or older in age. You also need to have paid off a large amount of the mortgage on your home. Contact us to see if you or your family qualifies.
2. Education
Our team here at Atlas Mortgage Solutions can help you gather all the information you need to decide whether you want a reverse mortgage. It is a big decision, and we want to make sure you are fully informed.
3. HECM Counseling
You will receive required counseling approved by the U.S. Department of Housing and Urban Development (HUD). They will help inform you further in your decision to get a reverse mortgage. You can search for a HECM counselor on the HUD website.
4. Application
We will supply you with the necessary documents you need to apply for a reverse mortgage.
5. Appraisal
We will order an appraisal to go to your home and assess its value.
6. Underwriting
After we receive all of the necessary documents, reports, and other information, we will submit your loan for approval by an underwriter. They will review everything and give their final approval.
7. Closing
After all the loan has been completely approved, you will have a signing appointment scheduled to finalize everything and sign the last documents. If you want to back out of your loan at this point, you will have a 3-day period of time (right of rescission) to do so.
8. Disbursement
After your 3-day right of rescission is complete, your funds will be disbursed.
