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Step by Step Reverse Mortgage Process

Helping you build a more secure future.
Is a reverse mortgage right for you? How can you sift through the many options to find the program that best meets your needs? Where will you find the guidance to help you through the process of obtaining your reverse mortgage? Who will be there to answer your questions, now and in the future?

At Senior Equity Financial, we can provide information and guidance to help you understand how reverse mortgages work and learn the many ways this type of financial product can help you build a more secure future.

Here are the steps we take to educate you and help simplify the process for you:

Step one: In-home fact finding and consultation
As with other financial matters, it’s smart to take a planning approach when considering a reverse mortgage. We’ll meet with you in your home to understand your goals, objectives, and needs. This will help us not only determine which program will work best for you, but also how to best distribute the monies available.

As part of this process, we’ll discuss your immediate objectives as well as potential future plans, such as whether long-term care situations might arise or if you’ll need to sell the property. We are happy to have your family members and advisors involved in this discussion, if you wish. Click Here – Schedule a Reverse Mortgage Consultation

Step two: HUD-approved HECM reverse mortgage counseling
Federal regulations require a consultation for anyone considering a Home Equity Conversion Mortgage (HECM). Private reverse mortgages require counseling as well. We stay up-to-date on which FHA/HUD-approved agencies are active in HECM counseling. In fact, we are often used as a resource by counselors who may have specific questions relating to updates or changes occurring with the federal programs.

Reverse Mortgage Counseling Information


Step three: Application
We will sit with you in your home to complete all the paperwork for the application. We are sensitive to the fact that you may not have completed a mortgage application in years and may not be aware of all the paperwork involved. When we have finished helping you with your application, a complete copy is always left for review by your family and advisors. Click Here – Reverse Mortgage Paperwork

Step four: Loan processing
Since we’ve assisted thousands of homeowners with obtaining reverse mortgages, we’re able to identify issues before they occur. We will assist you with coordinating your home appraisal and title search, as well as help you collect all documentation to complete your reverse mortgage loan application. Throughout the process, we will always be in frequent communication with you to help you understand what is happening and assure a quick and smooth experience.

Step five: Closing
Your closing will occur in your home or other location of your choosing. As we work only with professionals who have experience with reverse mortgages, you’ll have a closing agent who has the patience and commitment required to walk you through the paperwork at your pace. We’ll always be involved with the closing as well, to ensure all your questions are addressed and you are comfortable through the entire process. A complete package of paperwork will always be left with you at closing and you will have a 3-day right of rescission to review and address any remaining questions.

Step six: Ongoing Servicing of the loan
This is where working with Senior Equity Financial is a big advantage. We make a commitment that we will always be available to help you, as questions arise or your needs change. Whether it’s going through your statement, helping you change how your monies are disbursed, or giving assistance to your family should guidance be needed, you can count on us to be there for you.

If you’re interested in learning more about reverse mortgages, Senior Equity Financial has the experience to help you understand the options and find the reverse mortgage that’s specifically tailored to fit your financial needs.

With Senior Equity Financial, your needs come first. To have one of our Reverse Mortgage Advisors assist you today call us at (800) 261-8507.