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.

1. You Hear About Reverse Mortgages

You are 62 years or older and you own a home. Or your parents are 62 or older and own their own home. You hear about reverse mortgages…

2. Upfront Education

How do you begin to learn about a reverse mortgage? You contact a reverse mortgage professional at a lender who specializes in these loans. We recommend you contact…

3. Counseling

A reverse mortgage gave us a second lease on life. Counseling is required for all HECMs. Reverse mortgages are the only financial product (perhaps the only product, period)…

4. Application/Fees/Disclosures

If you proceed with the loan, you now select a lender. The person you will be dealing with is called a loan originator or reverse mortgage consultant. You…

5. Loan Processing

The lender orders an appraisal by a professional appraisal firm. It is paid for by the homeowner. This determines the market value of the home. However, the final…

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…

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…

8. Life of Loan Issues

After the loan closes, a loan “Servicer“ manages the account and is responsible for disbursing monthly payments to the homeowner (if this payment option is chosen), advancing funds…

9. Settling the Loan Account

When the last surviving borrower sells or conveys title of the property, passes away, or does not maintain the property as a principal residence for a period exceeding…

10. The NRMLA Advantage

NRMLA is there for you. This site has been created with you in mind to provide you all the information you need to determine if you would like…