Steps to Getting a Reverse Mortgage

1.       Awareness- Homeowner learns about reverse mortgages from a news article, word of mouth, etc

2.       Upfront Education- Homeowner contacts a reverse mortgage lender to learn more about reverse mortgages.

3.       Counseling-Homeowner seeks counseling on the reverse mortgage program from a HUD approved counseling agency.

4.       Application-Homeowner contacts lender to get the application completed.

5.       Processing-Lender processes the loan, ordering appraisal (to determine value of the home), title work, lien payoffs, credit report, etc. Appraiser prepares the appraisal report.

6.       Underwriting-After receiving all pertinent information and data, lender submits loan to the underwriter for review. The underwriter will notify lender if any additional documents, etc are needed.

7.       Closing-After underwriter approves the loan, the closing (signing) of the loan is scheduled. Closing papers and final figures are prepared. Customer signs closing papers.

8.       Disbursement-After the three day right of rescission, the loan funds are disbursed and any existing debt on the home is paid off.

Contact us for more information

Brenda Houglum: (218) 790-0954
Sharon Johnson: (701) 793-2755