Steps to a Reverse Mortgage

Steps to Obtaining a Reverse Mortgage

1. Education - U.S. Government Department of Housing and Urban Development "HUD"
2. Counseling - list from a HUD approved agency
3. Application
   1. processing
   2. underwriting
   3. closing
   4. Distribution / Payment options
4. Repayment -
   1. "NO MONTHLY REPAYMENT" for the life of the loan
   2. Repaid when no longer occupied by homeowner
      1. by homeowner if moving or refinancing
      2. or by heirs to the estate "without sale"
   3. Repayment obligation CAN NOT exceed the homes market value or sale price

• Next >