Any new journey is much easier when you have a good map.

Members of the National Reverse Mortgage Lenders Association (NRMLA) are dedicated to guiding you through the features of reverse mortgages and the process of obtaining one. We will equip you with everything you need to know to decide if a reverse mortgage might be the right financial instrument for you.

To kick off this journey, here is a map that shows you the route you will be taking and what you can expect along the way.

3. Counseling

Counseling is required for all HECMs. Reverse mortgages are the only financial product (perhaps the only product, period) that require this. Why? Caution. Because reverse mortgages are designed more… 3. Counseling

6. Closing

Once the loan application has been approved, a closing (signing) of the reverse mortgage is scheduled with a title agent or attorney (depending on the state). The lender more… 6. Closing

7. Disbursement

The homeowner has three business days after signing the papers to cancel the loan. (These three days are known as the “Right of Rescission” period.) Upon expiration of more… 7. Disbursement