Our Process
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Golden Gateway Financial helps you simplify the process of applying for a reverse mortgage. Our experts are here to guide you, step by step.
1. Consultation
The process starts with a free consultation from a dedicated reverse mortgage expert. We review your financial situation with you and help you make an educated choice about whether a reverse mortgage is right for you. Together, we discuss options from several lenders and recommend the loan product that best suits your needs. We prepare a free estimate at this time so you can have a complete understanding of all aspects of your loan. No fees will be assessed until the application is complete.
2. HUD Counseling
All prospective reverse mortgage applicants are required by law to participate in a counseling session with an independent HUD-approved counselor. This service verifies that you have considered all your financial alternatives and are comfortable with the terms of the reverse mortgage. After you receive counseling certification, we finalize your application.
3. Processing
Next, we perform a title search and exam, and an FHA-approved appraiser inspects the interior and exterior of your property to establish your home's market value.
4. Underwriting
Once all the required documentation is submitted, the lender's underwriter reviews the loan file. The underwriter issues the loan approval with conditions, and once the conditions of the approval are met, we schedule your closing date.
5. Funding
On closing day, your consultant answers any remaining questions you may have, and a licensed and bonded notary meets with you at home to sign the loan documents. Should you change your mind after signing the documents, you have the right to cancel the loan during the three business days following the closing date. On the fifth business day after signing, your loan will fund, and you may collect the proceeds in the form of a direct deposit, pre-paid card or monthly checks.
