How to Get a Reverse Mortgage

Start Your File

Call, fax or submit your request online to start your file. This is the first step we take to determine how much home equity is available to you. If you prefer, calling us is the best way to start. We can go over any questions you may have and we can spend time going over the Reverse Mortgage process.

Reverse Mortgage Counseling

Housing and Urban Development (HUD) requires you discuss the program with a HUD/FHA certified Reverse Mortgage counselor. This is a free, informal session and can be done either face-to-face or over the phone. Contact us for a list of counselors in your area.

Apply with Voyage Home Loans

There are several important documents you will need to provide one of our experienced Mortgage Specialists with at the time of your appointment. If you need us to work around your schedule or go over the application process in detail, we are more than happy to accommodate you.

These documents are required at the time your application is taken (please discuss these with your Mortgage Specialist to ensure you have all the necessary documentation):

•    A clear copy of a valid Driver’s License or Picture ID for you and any co-borrower(s)
•    A clear copy of your Social Security Card or something that displays your SS number (official document, like a passport, or a Medicare card).
•    Original Counseling Certificate, we can help find a counselor in your area. The application cannot be submitted without the original counseling certificate.
•    A copy of your recent Mortgage Statement(s).
•    If there is a deceased spouse on the title, please provide a copy of the Death Certificate.
•    A copy of your Homeowners Insurance Policy – (the Declaration Page).

Loan Processing

A Loan Processor and title company will work with your Mortgage Specialist to obtain the necessary appraisal, title and credit report. The processor and/or your Mortgage Specialist may contact you during the processing and underwriting process to obtain additional information or clarification. Once through processing, the underwriting department will provide us with initial approval and conditions for your loan.

Once underwriting conditions have been cleared, the file will be cleared to close. There is a three day Right of Rescission that starts the day after your loan closes. This gives you the opportunity to further review your documents. (Note: Saturdays are included in the three day Right of Rescission period).

Closing Your Loan

Your Mortgage Specialist will contact you for a closing appointment after the underwriting process is complete and your file has received a closing number from the title company. Your closing appointment will consist of a signing paperwork and determining your fund delegation of your loan. Your loan can be a Lump Sum Payment, a Line of Credit, Tenure or Term Plan or any combination of these options.

Loan Funding

Your loan will be funded to you four days after you have signed your closing documents (Saturdays included). Funds can either be wired to your account or a check will be sent to you overnight. 30 days after your closing date, you will receive a Welcome Package from your lender. It will include the methods for how you obtain funds from a line of credit and any repair administration.

Loan Repayment

There will be no loan repayments due as long as you or the co-borrower on the loan lives in the home.

Still have some questions about the Reverse Mortgage program?

Call or us today and one of our Mortgage Specialists will answer any questions you may have about this program.