How a Reverse Mortgage Works
From First Question to Funded — Step by Step

We talk about your situation, goals, and whether a HECM makes sense for you. This is a no-pressure conversation — think of it as a fact-finding session. I'll answer your questions honestly, including telling you if a reverse mortgage isn't a good fit.

You don't need to prepare anything specific. Just come with your questions.

Before you can apply, federal law requires you to complete a counseling session with a HUD-approved, independent counselor. This isn't a formality — it's a genuine protection for you. The counselor will explain the loan, your obligations, and alternatives.

The counselor works for you, not the lender. They'll issue a certificate once you've completed the session.

Once you've completed counseling and decided to move forward, we submit the formal application. You'll provide basic documentation — identification, proof of income, property tax and insurance records.

I'll guide you through every document so nothing feels confusing or overwhelming.

An FHA-certified appraiser visits your home to determine its current market value. This is a standard process — similar to what you'd experience with any mortgage. The appraised value, along with your age and current interest rates, determines how much you can borrow.

The appraiser will also verify the home meets FHA minimum property standards.

The loan goes through underwriting, where the lender verifies everything and ensures the loan meets FHA guidelines. I'll keep you updated throughout this process so you always know where things stand.

If the underwriter needs additional information, I'll let you know right away and help you gather it.

You'll sign the final documents, typically at your home or at a title company. A notary and/or closing agent will walk through every document with you. After closing, you have a 3-business-day right of rescission — you can cancel for any reason.

If you have an existing mortgage, it will be paid off from your HECM proceeds at closing.

After the rescission period, your funds are available according to the payment plan you chose — lump sum, monthly payments, line of credit, or a combination. And that's it. You continue living in your home with no monthly mortgage payments.

You'll still be responsible for property taxes, homeowner's insurance, and basic home maintenance.