The Steps to Obtaining a Reverse Mortgage

1. Education
   The first step in the reverse mortgage process is education. It is important that you understand how a reverse mortgage works, but you don’t have to do it by yourself. Because we specialize in reverse mortgages, we can provide you with the information you need to make an informed decision. We can meet with you in person to explain the program and answer any questions. To make it easier, we will come to you at the time most convenient so you never have to worry about how or when you will come to our office. In addition, should you desire to include them, our experienced and informed Reverse Mortgage Specialists can also work closely with your family and advisors.
   
   Contact Retirement Life Funding at 1.800.745.0102 to receive our free Consumer’s Guide about reverse mortgages. In addition, our Reverse Mortgage Specialists can provide you with reliable, easy to understand answers to all of your reverse mortgage questions as well as an individual estimate of the funds available to you.
   
2. Counseling
   Before your reverse mortgage can be processed, you will be required to discuss, by phone or in person, the reverse mortgage program with a reverse mortgage trained housing counselor from a government approved non-profit counseling agency. This gives you an added opportunity to ask questions and be certain of your choice. We will provide you with a list of approved counselors so that you can speak with the required agency.
   
3. Application
   We keep it simple. During the application process, you work with your Reverse Mortgage Specialist to complete your loan application paperwork and choose the method to receive your funds (e.g. a line of credit, lump sum, monthly payments, or some combination). We will also answer any questions you might have.
   
4. Processing
   Your Reverse Mortgage Specialist will work with the processing department at Retirement Life Funding to obtain the necessary paperwork for your reverse mortgage. During this time, your Reverse Mortgage Specialist may contact you to obtain some additional information. As Reverse Mortgage Specialists, we are able to quickly process our reverse mortgages, with most of our loans taking between 2 to 4 weeks.
   
5. Closing
   After loan has been processed and approved, the loan closing is scheduled. The closing is a meeting where all the final loan documents are signed. At Retirement Life Funding, we will work with you to schedule your closing at a time and location that is convenient for you. In addition, your Reverse Mortgage Specialist can accompany you to the closing to ensure that you understand every step of the reverse mortgage process and make sure that you never feel alone during any part of the process.
   
6. Disbursement
   After all the loan documents are signed at closing and the three day right to rescind on refinances has passed, the proceeds from the reverse mortgage are disbursed or given to the borrower based on the form of payment chosen. At this point, any existing mortgage on the home is paid off. If at any point you have questions about your reverse mortgage, you can always contact your Reverse Mortgage Specialist.
   
   We understand that the reverse mortgage process does not end with the closing of the loan. As such, we will continue to work with you and answer any questions for the duration of your loan. You may be receiving monthly advances or have an open line of credit on your reverse mortgage. You will often have the ability to withdrawal your reverse mortgage proceeds for a specific term or for life. At Retirement Life Funding, we are happy to assist you at any time now or in the future.
   
7. Repayment
   With a reverse mortgage, no monthly payments are required during the life of the loan. The loan is eventually paid off when no borrower lives in the home as their principal residence. Of course, any amount can be paid on the reverse mortgage loan balance at any time and generally as your loan balance is reduced your available line of credit will grow. Ask your Reverse Mortgage Specialist for details.
   
   The reverse mortgage may be repaid by either the borrower or the estate, with or without the sale of the home. In addition, with a government-insured reverse mortgage, the amount of debt that has to be repaid if the home is sold can never be greater than the value of the home.

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