This section is designed to help you understand the 8-step flow of getting a reverse mortgage. It is deliberately concise.
For more in-depth information, read about How it Works and some Common Questions.
- 1. Learning about Reverse Mortgages
- Finding out about reverse mortgages is the way to start. You are doing that by coming to this site. Here you are able to learn a great deal about reverse mortgages as they apply in Texas.
- 2. Contact someone who can help you
- You may contact us at 866-517-5353 or email inquiry@reversemortgagetexas.com.
- 3. Start the Process
- If after discussing the reverse mortgage with this person and you are still interested, he/she can help you start the process. From the start of the process through three business days after the closing of the reverse mortgage loan, you may stop the process at any time.
- 4. Get Counseling
- For your protection, you receive independent, certified third-party counseling (required by federal regulations and proprietary lenders).
- 5. Applying for the Reverse Mortgage Loan
- How much help you get with this complex application will depend on whom you are working with. Some organizations expect you to complete the forms by yourself; others provide varying degrees of help. Reverse Mortgage Texas® prides itself in its reputation for gently taking people through this process.
- 6. Processing the Loan
- As the loan is being processed, in cooperation with you, there is an appraisal, a verification of title, and a survey. The final loan documents are prepared for your approval. Prior to closing, you will be informed of the actual amount you will receive from the reverse mortgage.
- 7. Closing the Loan
- When the process is complete, a time and place of closing will be scheduled with you. You, as a homeowner, have three business days after signing the papers in which to cancel the loan.
- 8. Receiving your funds
- Soon after the three-day period is past, you will receive your money from the Reverse Mortgage. By law, you may use these funds for any purpose.