Steps to getting a Reverse Mortgage

Below is the most common process for getting a reverse mortgage. Our professionals are eager to help you understand the reverse mortgage process. Please contact us with any questions.

Step 1 - Research Reverse Mortgages
Speak with a mortgage professional about reverse mortgage options. Familiarize yourself with the various types of reverse mortgages and pick the one that is right for you.

Step 2 - Meet with a HUD approved counselor
In order to receive a reverse mortgage you must meet with an HUD approved councilor who will help you understand what it means to have a reverse mortgage. This is free to do and we can help find a councilor in your area.

Step 3 - Fill out our Reverse Mortgage application
After you’ve determined which program best suits you fill out our reverse mortgage application by clicking here. Your information is securely stored and transmitted.

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.

Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not.

Step 6 - Your loan reaches closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.

Step 7 - Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive either your monthly payment or your lump sum.

Step 8 - Repaying your Reverse Mortgage
Your reverse mortgage loan becomes due under the following circumstances.

  • Homeowner death
  • Sale of home
  • The home is no longer your primary residence

Homewood Mortgage NMLS# 294974

18170 Dallas Parkway, Suite 304
Dallas, Texas 75287
Phone: 214-507-1480
FAX: 972-387-9218
john@4bestrate.com
NMLS: 234686

BBBNMLS

Consumers Wishing to File a Complaint

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE ATWWW.SML.TEXAS.GOV.