Skip to main content

The Process

The process of getting a reverse mortgage in Denver is simpler than you may think. View the step-by-step processes below or contact Kathy Muni to learn about how it all works.

We educate; You decide.

Our goal is to provide you with information specific to your situation and answer all your questions. We often also speak with others whom you trust such as adult children, relatives, friends, attorneys and financial advisors. We want you to understand the reverse mortgage and be comfortable in your decision.

Counseling

HUD requires that you receive counseling from an independent third-party, HUD-approved counseling agency. This generally takes about 45-minutes and is often done over the phone. We will be happy to provide a list of counselors from which you can choose. No reverse mortgage may move forward without a signed counseling certificate. The counselor will be teaching you about reverse mortgages and will then ask you a few easy questions to be sure that you understand. 

Next Steps

 1) Click Get A Quote     2) Receive Numbers     3) Get Questions Answered



Financial Assessment

As a safety measure to protect all who do a reverse mortgage, a financial assessment is part of the process. The goal is to be sure that after closing on the reverse mortgage you will be able to pay your property taxes and insurance going forward. There is a simple calculation of your income and out-go each month with a calculation for home maintenance costs, taxes and homeowner’s insurance. It is easy to qualify and Social Security is often enough income. Contact us for your specific details! 

Appraisal

Part of the process is having an FHA appraisal done on your property. Once we have a signed loan application and your signed counseling certificate, we will submit the loan to underwriting. We have been involved in hundreds of reverse mortgages, so we are pretty sure before we even get this far that you will be approved. None the less, in most cases, we want to be sure before anyone spends money on an appraisal! Once we have the conditional approval back from underwriting, we order the appraisal. You are in control of the timing of the appraiser’s visit as he/she will reach out to you to schedule it.

Processing

We will be processing the loan for you and will gather the documentation requested by the underwriter. We will also communicate with you every step of the way! Since we will already have gathered some items from you at the beginning of the process, there will not bee too much more to do. 

Closing & Your Loan Proceeds

The closing will be at your home, at the title company or anywhere else you prefer. In this time of Covid-19 we often do closings on the porch or even at a park in the fresh air. The choice is completely yours! If you are receiving funds “at closing” you can decide if you would rather have a check sent to you, or have the funds wired into your bank account. In either case, there is a three-day right of rescission from the day that you sign the closing documents until the money is released giving you the opportunity to change your mind about the reverse mortgage. On the fourth day, the money will be available to you and all the liens that may have been on your property will be paid off.