What is the Process?
STEP 1 – Talk with an Efinity Reverse Mortgage Professional
The first step is to find out more, and the best way to understand if a reverse mortgage suits your specific situation is to call one of our Efinity professionals. No question is too big or too small. Our Efinity professionals will also prepare a free, no obligation custom proposal, based on your particular situation. They will also walk you through this report to help you understand how much you qualify for, and then help you decide on the next best steps.
STEP 2 – Counseling & Application
In order to safeguard your interests, HUD requires all reverse mortgage applicants to undergo reverse mortgage counseling. Efinity encourages this counseling so you feel completely comfortable with the process and understand your options. Counseling can be done in person or over the phone, and your Efinity professional will provide a list of independent, HUD approved counselors from which you can choose. Upon completion of counseling, your application is prepared for signing and your loan file set up.
STEP 3 – Processing & Approval
Efinity will then schedule an appraisal to determine the current value of your property – a standard practice for any mortgage application. In addition to the appraisal, other common items needed to process your loan application may include your counseling certificate, mortgage payoffs, homeowners insurance, and titlework. Once gathered, these items are submitted to underwriting for final review and approval.
STEP 4 – Closing
Your Efinity professional will work with a local, independent closing agent to prepare your final closing documents for signing and final distribution of funds.