- Awareness and Education
You hear about reverse mortgages from a friend, article, or advertisement. You then contact a Terra Mortgage reverse mortgage professional to learn the details of what a reverse mortgage is all about, how much you qualify for, and how it can benefit you.
- HUD Counseling
The government has made HUD counseling mandatory for your protection so that you understand the details of your reverse mortgage from a third party HUD approved counselor. The counselor calls you at your home and explains the program to you. They also answer any questions that you may have. The Security 1 representative will guide you through this process.
Your Terra Mortgage professional will come to your home and help you will out the application for your reverse mortgage. You receive a complete copy of ALL the documents for you or your advisors to review. The application is non-binding, which means you can back out at any time.
- Process Application
Once your HUD counseling is complete, we will begin to process your application. AN appraisal will be done on your home, and we will order a title report so that we can pay off any liens on the property.
- Closing Documents
Once we have the paperwork completed, we will contact you to sign the closing documents and confirm how you would like to receive your money. Even after signing the closing documents, you still have 3 days to cancel the loan if you choose.
- Funding and Disbursement
We fund the loan and your money is disbursed depending on which payment option you have chosen.
Throughout this process, our goal is to always provide the highest level of service to you, our valued client. We look forward to serving you!