The Basics: An Overview

The process of getting your reverse mortgage is similar to getting any other home mortgage loan you may have obtained in the past, but the advantages of a reverse mortgage are better, because you will never have to make a payment on this loan while you live in the home.

At Mortgage Master, our goal is to help you understand the reverse mortgage process. Here's what you can expect:

1. Talk with us! Call (253) 381-8312 or toll free at 1-800-583-7200 to find out if a reverse mortgage is right for you.
2. Counseling is required. Because a reverse mortgage is a big step for any homeowner, the Department of Housing and Urban Development or HUD, requires all applicants receive independent counseling to explain all the available options and details. We will provide a list of counselors for you to contact.
3. We'll help you fill out the application. Once your counseling is completed, we will help you choose the best loan to fit your needs and to determine the best method to receive the money from your new reverse mortgage - a line of credit, lump sum, monthly payments or a combination of all three. It is also a good idea to consult your financial and/or tax advisor, too.
4. Processing. This is where we really get to work on your behalf. We arrange for an appraisal, title insurance commitment, pay-off statements of any mortgages or liens, and a whole lot more.
5. Underwriting. Once all the documents we need are received, we will submit the entire package to get final underwriting approval.
6. Escrow Closing. When everything is fully approved by all parties, the final signing takes place. We will arrange a mutually convenient time for everything to be signed; at a local escrow office, or we can have a Notary Public bring the documents to you so you can sign everything in the comfort of your home.
7. Disbursement. As with any home loan on a property you already own and occupy as your primary residence, federal law provides you three business days to examine the documents and if you change your mind, you may choose to rescind the loan. After the rescission period is over, the loan is disbursed and any debts you specified are paid and you can feel secure knowing you'll never have to make a mortgage payment again.
8. Repayment. For the life of the loan, you are not required to make monthly mortgage payments to your lender. Reverse mortgages become due when a loan maturity event occurs- Usually when the last borrower sells the property or permanently moves out; either to another home or passes away. If death of the borrower occurs, the heirs/estate may repay the loan by selling the property.