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The Reverse Mortgage Process

At Homestead Mortgage, we believe learning about, applying for, and obtaining a reverse mortgage should be as simple as possible. So we’ve broken down the process into a few easy steps. Even better, a Homestead Mortgage reverse mortgage expert would be happy to walk you through the entire process and answer any questions you may have.

Start your application

You can begin this process now online from the comfort of your home, or by calling Homestead Mortgage and working with a knowledgeable professional to determine the product that best meets your needs.

Discuss the process with your loved ones and financial advisor

Taking out a reverse mortgage is an important decision—one that we want you to be as comfortable with as possible. That’s why Homestead Mortgage encourages you to speak with your trusted advisors and family members to get their advice and support. If you’d like, your Homestead Mortgage expert can also speak with anyone you think is appropriate to explain the process.

Receive independent counseling

All reverse mortgage borrowers must speak with government-approved counselors to ensure that you’ve had all of your questions answered by an independent third party. You’ll receive a certificate after your session that will let you complete your application.

Get an appraisal

An important part of determining how much money you can borrow is to get an appraisal and home inspection. Homestead Mortgage will order these services from a professional appraiser on your behalf. Just like every other step, we’ll walk you through the process to ensure you’re comfortable.

Complete the closing

We’ll come to you when the final paperwork is ready for your signature.

Receive your funds

If you had an existing mortgage, it will be paid off. Depending on the type of reverse mortgage you’ve selected, you can choose to receive your cash as a lump sum or monthly payment, draw on your reverse mortgage as a line of credit, or choose a combination of these options.

Continue as the homeowner

You’ll still own your home, so you’ll be responsible for paying property taxes and homeowner’s insurance, as well as for maintaining your home. But you’ll never have to make a monthly payment for your reverse mortgage.

Repay the loan

As long as you fulfill your obligations as the homeowner, repayment of the loan, including accrued interest and fees, doesn’t have to occur until you no longer live in the home. Then you or your heirs decide how to repay the loan, such as by selling the home or by refinancing it.