The loan professionals at Legacy Reverse Mortgage want you to completely understand every step of the reverse mortgage process. To help, here is an overview of the process in obtaining a reverse mortgage.

Step 1: Review your options
During our initial phone conversation, we will take the time to fully review your situation and help you determine if a reverse mortgage is the right option for you. The goal is to get the right solution for you. If a reverse mortgage is a viable solution, we will schedule a meeting to visit in more detail and ensure you are aware of all your options. At this time you can receive all the disclosures detailing the specifics of your loan. We will offer you a list of HUD-approved reverse mortgage counselors who can offer the required free counseling and help you further understand the process and your options.

Step 2: Approving your loan
After counseling is completed, you will receive a counseling certificate. Once this has been received, we will then start the processing of your application upon your decision to proceed. Processing includes items such as the title search, appraisal, credit check, flood check, and termite report. Once the processing of your loan is complete your file will be ready to submit to the underwriter for approval. During the processing you will be kept informed of the status of your loan on a weekly basis.

Step 3: Closing your loan
Upon final approval, we will be ready to close your loan. We will help you schedule a convenient time for you to sign the closing documents. You can do this in the comfort of your own home. Once closing has taken place, you will have a three-day right of rescission. After the three days has expired, your loan will be funded and your loan proceeds will be distributed to you. You may receive a check or have the funds deposited directly into your bank account.

The personnel at Legacy Reverse Mortgage are here to help you every step of the way. You will have a dedicated contact person that will help you with every step of the process and answer all your questions. Our goal is to serve you and make the process of getting a reverse mortgage a stress free and easy task.