Steps to getting a Reverse Mortgage Loan

Below is the most common process for getting a reverse mortgage loan. Our professionals are eager to help you understand the reverse mortgage loan process. Please contact us with any questions.

Step 1 - Research Reverse Mortgage Loans
Speak with a mortgage professional about reverse mortgage loan options. Familiarize yourself with the various types of reverse mortgage loans and pick the one that is right for you.

Step 2 - Meet with a HUD approved counselor
In order to receive a reverse mortgage loan you must meet with an HUD approved councilor who will help you understand what it means to have a reverse mortgage loan. Independent HUD counseling typically costs $125 an we would be happy to provide you with a list of HUD approved counselors in your area.

Step 3 - Fill out our Reverse Mortgage Loan application
After you’ve determined which reverse mortgage loan option best suits you fill out our reverse mortgage loan application by clicking here. Your information is securely stored and transmitted.

Step 4 - Your application is processed and your home is appraised
While your application is being processed a licensed appraiser will determine if your house needs any kind of repair. Any problems must be fixed before you can be approved.

Step 5 - Your loan reaches underwriting
All details are worked out and your loan is underwritten. Additionally it will be determined whether you’ve been approved or not.

Step 6 - Your loan reaches closing
Once you are approved your loan will enter closing where you’ll get the chance to review the terms and sign the paperwork.

Step 7 - Receive your payments
After closing you’ll have three business days in which to cancel the loan. Once that grace period is up, you’ll start to receive the reverse mortgage loan proceeds according to the manner that you have elected: one-time lump sum payment, monthly installments, as a line of credit or as a combination of a line of credit and monthly installments.

Step 8 - Repaying your Reverse Mortgage Loan
Your reverse mortgage loan becomes due under the following circumstances.

  • Homeowner death (unless the home continues to be the primary residence for a non-borrowing spouse)
  • Sale of home
  • The home is no longer the borrower or non-borrowing spouse's primary residence.
  • Failure to maintain insurance, property taxes or otherwise comply with loan terms.
  • Any other event of default. (Failure to pay property taxes, Failure to keep the home in good repair, Failure to insure the home, Taking of new debt on the home, Bankruptcy, Abandonment or donation of the home, Eminent domain)

These materials are not from HUD or FHA and were not approved by HUD or a government agency.

Acadia Lending Group LLC

190 Riverside Street Unit 4B
Portland , Maine 04103

Phone: 207-899-4500

Fax: 207-899-4503

NMLS: 370636

 

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