1. Partner With an Experienced Reverse Mortgage Company

Work with a knowledgeable, reputable lender like V.I.P. Mortgage, Inc.
Our Retirement Home Loan Specialists will:

• Review your personal financial situation
• Explain available reverse mortgage products
• Help determine which option best fits your goals

2. Complete Required HUD-Approved Counseling

Every reverse mortgage applicant must attend independent third-party counseling. During this session, the HUD-approved counselor will:

• Explain how reverse mortgages work
• Review costs, responsibilities, and protections
• Help determine if this loan is right for you

3. Submit Your Application & Initial Documents

Once you’re ready to proceed:

• Sign your reverse mortgage application
• Provide supporting documents to your Retirement Home Loan Specialist
• Your specialist will pull your credit report and prepare your application
• Your specialist will meet with you, review your file, and answer questions
• You will receive a list of any additional items needed

4. Loan Processing Begins

After your signed application and documents are received:

• We order the appraisal, title report, tax history, and flood certification
• The processing team reviews all documentation
• The file is prepared for underwriting
• Your Retirement Home Loan Specialist or their team will keep you informed throughout the process

5. Underwriting Review

Once processing is complete:

• Your file is sent to underwriting
• The underwriter issues a loan decision
• If conditional items are required, we will notify you immediately

6. Choose How You Want to Receive Your Funds

After the underwriter approves the loan for closing, you will choose how your funds are disbursed. Options include:

• Lump sum payment
• Monthly cash-flow payments
• Line of credit
• A combination of the above

7. Schedule Your Closing Appointment

We will arrange a date and time for you to meet with the title company and sign your closing documents.

8. Loan Funding

Your loan will fund three business days after closing, according to the payment plan you selected.

9. Life After Closing — Borrower Responsibilities

Your reverse mortgage will not require monthly mortgage payments, but you must continue to:

• Pay property taxes
• Maintain homeowner’s insurance
• Use the home as your primary residence
• Keep the home in good repair

Your reverse mortgage becomes due and payable if:

• The home is no longer your primary residence
• The home is sold
• The borrower passes away

10. What Happens When the Borrower Passes Away?

If death occurs:

• The loan may be repaid by selling the home or refinancing the reverse mortgage
• Any remaining equity belongs to the heirs or the estate
• Heirs must contact the loan servicer to arrange repayment and settle the reverse mortgage

Learn more how a reverse mortgage works.

Learn more about reverse mortgage safety at NRMLA.