How the Process Works

Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender. Here are the steps you can expect to go through when you apply with Residential Reverse Mortgage:

1. Initial Discussion

The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you’d like to know about reverse mortgages. Then you decide whether you want to take the next step.

2. Counseling

If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. It’s a protection device that the government has built into the process of obtaining a reverse mortgage.

3. Appraisal

We then arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.

4. Inspection

In many cases an inspection is required to make sure that the home is structurally sound and that there’s no extensive termite or dry rot damage.

5. Underwriting

After the appraisal and inspection reports come in, we go through all the normal processing procedures that you might find in any mortgage.

6. Closing

The final step is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit. Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life. Let Residential Reverse Mortgage, The Reverse Mortgage Leader™ give you a free consultation today. Residential Reverse Mortgage
800-987-7740

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Reverse Mortgages Gaining Popularity
FY 2008 FY 2007 FY 2006 FY 2005 FY 2004 FY 2003 FY 2002 FY 2001 FY 2000 FY 1999 FY 1998 FY 1997 FY 1996 FY 1995 FY 1994 FY 1993 FY 1992 FY 1991 FY 1990	112,154 107,558 76,351 43,131 37,829 18,097 13,049 7,781 6,640 7,982 7,896 5,208 3,596 4,165 3,365 1,964 1,019 389 157 Loans
The federal fiscal year starts October 1 and runs through September 30 of the following year. Statistics Source : HUD