757-366-8690
tphelps@tidewaterhomefunding.com
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Tim Phelps

NMLS ID ------

757-366-8690 tphelps@tidewaterhomefunding.com

Steps to Getting a Reverse Mortgage

Step 1 - Research Reverse Mortgages

Speak with a mortgage professional about program options and get a personalized quote package. Familiarize yourself with the various types of reverse mortgages and pick the one that is right for you.

Step 2 - Meet with a HUD approved counselor

In order to receive a reverse mortgage, program regulations require that you meet with a HUD-approved counselor who will help you to understand what it means to have a reverse mortgage.

Step 3 - Fill out our Reverse Mortgage application

Schedule an appointment with our mortgage loan consultant or click here to complete your reverse mortgage application. If completed on line, 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 the value of your property and make note of any needed repairs. If repairs are noted, the items will need to be corrected prior to final approval.

Step 5 - Your loan reaches underwriting

Underwriting reviews your information and issues the final approval.

Step 6 - Your loan reaches closing

The loan closer will prepare the loan documents for your signature with the closing agent. 

Step 7 - Receive your payments

After closing, you will have three business days to reflect on your decision to proceed with the reverse mortgage and cancel the loan if you have any concerns proceeding. Once the three day period (the rescission period) has passed, the funds may be disbursed on your loan – by an initial lump sum, a monthly payment, a combination of the two, or left on a line of credit for future use.

Step 8 - Repaying your Reverse Mortgage

  • Your reverse mortgage becomes due under the following circumstances:
  • Death of the last borrower on the loan
  • Sale of home
  • The home is no longer the primary residence of any of the borrowers on the loan
  • An event of default (ex. failure to maintain the residence in a livable condition, failure to pay taxes, insurance, homeowners’ association payments, or any other property charges, or other default event per program rules)
Apply NOW to get started with your reverse application.