The Reverse Mortgage Process

The process consists of 4 steps and generally takes about 6 weeks.

Education

Since this is the education phase, you should involve your friends and family to help you learn as much as you can.

HUD Counseling

Before submitting your application, you must complete HUD Counseling with an independent HUD counselor. To get set up with a HUD counselor, call 1-800-371-6574 and ask for a Rerverse Mortgage Specialist. Because of the popularity of reverse mortgages, most counseling agencies are backlogged by several weeks. However, the specialist you work with should be able to locate a counselor who is available immediately.

Application

After your HUD counseling your Home Savings of America Reverse Mortgage Specialist will handle everything related to the application and will schedule the necessary steps such as the appraisal.

Closing

After the closing, there is a waiting period of three days then your lump sum or first monthly payment check will be mailed to you.