Question:

What generally does the reverse mortgage underwriting process include?

Answer:

If you have decided to try a reverse mortgage for some reason (like paying college for a favorite grandson of yours), you'll need a trusted lender to advise you on the process. They will consult you on various specifics of a reverse mortgage that you are probably not familiar with and this is the time when you will have the opportunity to ask plenty of questions.

After you have submitted an application and been approved by the reverse mortgage underwriting department (which is supposed to be easier due to lack of income requirements), your lender will help you through the tough part of the process, such as different appraisals and inspections on the property and preparing the loan papers. Some time during that stage your lender will direct you to receive the obligatory government sponsored counseling with an independent third-party institution that will make sure you are aware of all the potential complications a reverse mortgage can pose.

After the mandatory counseling you are ready to sign the reverse mortgage agreement. You should again make sure all numbers and clauses are exactly what you have talked with the lender about. Don't be timid to ask for clarifications if you need any. Also, after signing you still get three days in which you still are able to pull out of the reverse mortgage agreement.

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