The Reverse Mortgage Loan Process

Discuss your home financing goals with an experienced Family First reverse mortgage consultant
Receive consumer counseling from a HUD-approved counselor
Meet with a Family First reverse mortgage consultant to apply for your loan
- Fill out an application
- Select a payment plan
- Present required documnetation
Underwriting and loan decisioning take place
Upon approval, a closing is scheduled with all of the required parties, which may include your lender, your attorney and/or the title company representative
Depending on your state's laws, you can choose where you would like the closing to take place; the closing can take place in the title office, or your home
After the 3-day right of rescission, and any existing debt on your home is paid in full with proceeds from your new reverse mortgage loan,
your remaining loan proceeds are disbursed.