The Reverse Mortgage Process


  1. Talk with your Reverse Mortgage Advisor: The decisions you make regarding your home and the approaches you take regarding the financing of your home are generally the largest financial decisions you will make in your life. If you have decided that a reverse mortgage is at least a possible solution for helping you to your goals and dreams during your senior years, you should start by discussing those options with a seasoned reverse mortgage specialist. Reverse Mortgages have a different process than forwarding mortgages, and most regular mortgage brokers are ill-equipped to help you with this decision and process.

  2. Obtain HECM Reverse Mortgage Counseling Session and certificate: The government requires you to have this counseling session with a third party.

  3. Complete Pre-financial assessment with your Reverse Mortgage Advisor (income, property taxes and insurance for home and any additional properties owned): This is just a normal step in the process for any mortgage.

  4. Complete the application and submit required documentation for financial assessment and processing department to review.

  5. Intake and preliminary assessment review: during this stage, the lender may request missing additional items.

  6. Appraisal ordered: The appraisal company will call you directly to schedule the appraisal. The appraisal is completed. A copy will be emailed to you for your records. Check to make sure that your water heater is double-strapped and you have smoke/CO2 detectors on each level of your home and inside each sleeping area (bedroom).

  7. Underwriting: The complete file and appraisal will then be submitted to our underwriting department for an initial review and preliminary loan approval. The title department will be working on their tasks and legal will review your trust documents, if you have one, for approval.

  8. Conditional loan approval: Underwriting will give us a list of conditions we must satisfy in order to obtain the “Clear To Close.”  Your Advisor and Transaction Coordinator will work with you, the title company and our processing team to satisfy all underwriting conditions.

  9. Final Loan Approval and Clear to Close: When everything is completed, we will need to have all documents signed and notarized.

  10. The final loan signing of all documents with the notary.

  11. 3-day waiting period – This is the required 3-day rescission period before the loan can fund, except when the reverse loan is for a purchase.

  12. Your loan is funded, payoffs made, documents recorded and loan proceeds (if any) deposited to your account. FUNDED

iHome Mortgage

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Corporate Address:

12404 Hunters Glen,
Owings Mills, MD 21117

Branch Address:

3732 Sweetbriar Dr,

Mckinney TX 75072


Local: 760-845-5369     

Toll Free: 1-800-598-6265

Email Address:

Brandon Webb NMLS 582972
iReverse Home Loans NMLS 1564664

Branch ID: 1587919

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© 2018 by iReverse Home Loans