Application Timeline

1. FHA Counseling is completed by the borrowers. An original HECM Certificate of Completion is sent to the borrowers. This certificate should be signed, dated and provided to the reverse mortgage specialist. For more on what to expect, visit the Counseling page.

2. Completion of loan application and selection of payment plan. Application may be filled with the assistance of the reverse mortgage specialist.

For more information on the Application documentation required, visit our Application page.

3. The loan processors open escrow, order the title work, and arrange for an appraisal of your home. Lien payoff information, credit and flood reports are all requested, though, note that the credit report is not a determining factor for qualification in a reverse mortgage.

4. The appraiser calls the homeowner(s) to schedule a time for a thorough home inspection.

Should the appraiser require that repairs be made to any defects, these repairs may be completed within six months of closing, and the repair costs held in reserve.

5. Once the appraisal is complete and records distributed, the completed loan package is submitted to a lender.

6. Within a week, the lender returns with a conditional loan approval. After the conditions are cleared (may require producing or verifying more documentation), the mortgage specialist confirms this with the homeowner and schedules an appointment to sign the loan documents.

* A three-day rescission period built into the reverse mortgage program allows the borrower to completely review the loan and, if so desired, cancel the loan contract. If, after three days have gone by without rescinding, the loan is funded.

7. Depending on the homeowner’s chosen loan payment plan and if requested, an initial funds transfer will be made via wire transfer or a mailed check. At the same time, any existing mortgage or debt is paid off, and a new reverse mortgage deed of trust is recorded.

A line of credit payment plan is available within one month from closing, while the first payment of a monthly payment plan will be sent in the first week of the following month after closing.

8. The borrower can expect to receive regular statements following the loan closing and establishment of his/her payment option.

Obtaining a reverse mortgage through reverse mortgage specialist David Chee means receiving the the highest level of customer service and professional advice throughout this timeline. When questions come up, you’ll have David there to answer them. Call David or fill out a free online quote request form.
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