Getting Started

How do I get started?

The following are the normal steps taken to get you started:

First you gather all the information you can to determine if this loan is right for you. You may want to contact a Reverse Mortgage Specialist at Austin Lending to answer any of your questions or concerns and to see an estimate of your maximum loan amount. You may start the loan application to insure the amount available will not decrease due to interest rate fluctuations.

Next it is mandatory for you to see a HUD-approved counselor to determine if this loan is right for you or if there might be another avenue to meet your financial situation. In addition the counselor reviews the financial implications.  This step is needed to insure you understand your options. If you wish to locate the counselor nearest you, feel free to contact us for the list of HUD approved organizations.

At the end of your session (by phone or in person) you will receive a CERTIFICATE of BORROWER COUNSELING.  This certificate is good for 180 days and is a required loan document for a Reverse Mortgage.  You are now ready to call your Austin Lending Reverse Mortgage Specialist to start or continue with your loan.

The Application process.  (to review the information needed to apply, click here.) Please see the attached checklist of documents needed at loan application.) Your loan specialist will meet you at your home or you can come into the office.  You will complete your loan application and all required disclosures.  A payment of up to $475 will be required to order the appraisal on your property and a credit report. The appraisal will determine your home’s value and condition.  This value will be used for the final calculations.  With a FHA Reverse Mortgage loan, your home will need to meet FHA minimum standard guidelines.  The appraiser will determine if any repairs will be necessary.  In many cases, if repairs are needed, they can be completed within 6 months after your loan closing and paid by a portion of your equity proceeds. The credit report is ordered to verify there aren't any hidden liens (IRS, etc.) that could effect your Reverse Mortgage.

After the Application has been taken by the loan officers at Austin Lending next comes the Processing, Underwriting, Loan closing and Final Disbursement.

There are so many things that happen behind the scene after the application is taken.  Your team at Austin Lending will be working very hard to make sure everything gets ordered (appraisal, title work, credit report, flood certification, lien payoffs [if needed], homeowners insurance, etc.)  After receiving all necessary documents, your loan will be sent to Underwriting. After it is approved and you are ready for closing, your loan specialist will contact you to determine the date and location of closing. Many times, this can occur right in your home if you wish.

At closing, you will receive copies of all the paperwork including your appraisal.  You will then have 3 business days in which you can cancel the loan, if you choose.  After these three days elapse, the loan is finalized and the disbursements occur.