1. Education – Learning
Gather information to determine if a reverse mortgage is right for you by meeting with your Reverse Freedom Mortgage Advisor.
2. Independent HUD Counseling
HUD requires Reverse Mortgage applicants to receive counseling from a HUD-approved counselor. Please see attached HUD approved counselor list.
3. Application
Complete your application with Reverse Freedom Mortgage & provide all necessary documentation for approval.
4. Appraisal
An appraisal will be ordered on your behalf by Reverse Freedom Mortgage to determine your homes appraised value. A second appraisal may be required upon review.
5. Processing – Underwriting
Upon receiving appraisal, title, & all necessary documentation/verification, your file will be submitted to underwriting for formal approval.
6. Closing – Funding
Once your loan is approved and all documentation is signed off by the underwriter, a closing will be scheduled to sign all final loan documents. Your funds/money will then be disbursed accordingly. (On Refinance Transactions : You will have a three day right
of rescission that must expire before funding/recording).
of rescission that must expire before funding/recording).
Company
Company NMLS ID: 1382816
Utah DRE License: 9441193
This material is not from HUD or FHA and has not been approved by HUD or a government agency.
