Introductory Meeting.
After an initial phone introduction and preliminary consultation, a face-to-face meeting with one of our Reverse Mortgage Consultants is scheduled with the homeowner(s) and any family or other individuals they want to have present. The purpose of this meeting is to: (1) review all aspects of reverse mortgages to ensure understanding of what the benefits, costs, terms, and obligations are, and to discuss how and if a reverse mortgage may be the right choice for them; (2) review the customized reports that illustrate the specific terms, benefits and costs each program may provide to the homeowner(s), and; (3) make arrangements for the next steps, if appropriate.

Consumer Counseling.
All reverse mortgage programs require the borrower(s) to attend a consumer counseling session with a HUD approved independent reverse mortgage counselor. This can be accomplished by a face-to-face meeting with the counselor, or by a phone consultation as the borrower(s) may prefer. The purpose of this counseling is to make sure the borrower(s) are aware of other options that may be available to them and that a reverse mortgage is an appropriate choice given their needs and circumstances. The counselor will provide a Counseling Certificate to certify the counseling has been completed. Counseling is the first step required for the HUD/FHA and Fannie Mae programs. Your Reverse Mortgage Consultant will provide a list of approved local counselors and national sources for you.

Application and Documentation Needed.
Your Reverse Mortgage Consultant will provide a list of the documentation that you will need to provide, and schedule a time to take the application. The application must be completed in a face-to-face meeting with your Reverse Mortgage Consultant. Generally, the initial documentation needed includes copies of the following:

• Counseling Certificate (original)
• Photo identification (example - driver's license, passport, state ID)
• Proof of date of birth (example - birth certificate, driver's license, passport)
• Proof of Social Security Number (example - Social Security or Medicare card)
• Deed to the property Most recent real estate tax bill
• Home Owner's Insurance policy (copy of declaration page only)
• Most recent statement for any mortgages, home equity line of credit, or other liens

Appraisal and Termite Inspection.
A property appraisal will be ordered to determine the current market value and to identify if any repairs need to be made. A pest inspection will be ordered to determine if there is, or is not, evidence of infestation and what the estimated cost would be to cure the problem if there is one. Generally, needed repairs are made from the proceeds of the loan and must be competed within 6 months after the loan closes. Your Reverse Mortgage Consultant will explain the required repair policies and procedures in detail.

Underwriting.
When the loan file is complete, the file is submitted to underwriting for review and approval. The underwriters may ask for additional information before issuing final approval. When all conditions are satisfied the approval is granted and the loan is cleared to close.

Closing and funding.
The loan closing will be conducted by a local attorney that represents the lender. After the closing the law requires the funding may not occur until the expiration of three business days following the closing date. This is call the "rescission period". During this period, the borrower(s) may change their mind for any reason and cancel, or rescind the transaction. If rescission is not elected, the loan will become effective on the fourth business day, the documents recorded, and the loan proceeds distributed.