The Loan Process

  • Discuss your home financing goals with a Family First Funding reverse mortgage consultant.
  • Receive consumer counseling from a HUD-approved counselor.
  • Meet with your Family First reverse mortgage consultant to apply for your loan.
  • Fill out an application.
  • An appraiser will visit your home and assess its exterior and interior condition, and compare your home to other homes that have recently sold in your area to provide an appraised value for your home.
  • Present required documentation.
  • Underwriting and loan decisioning take place.
  • Upon approval, a closing is scheduled with all of the required parties, which may include your lender, your attorney and/or the title company representative.
  • Depending on your state’s laws, you can choose where you would like the closing to take place; the closing can take place in the title office or your home.
  • After the 3-day right of rescission and any existing debt on your home is paid in full with proceeds from your new reverse mortgage loan, your remaining loan proceeds are disbursed.