Getting a Loan

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Getting a Loan: The Process

The process of getting a reverse mortgage is straightforward and involves the steps listed below:

1. Get the Information You Need

Before you can determine if a reverse mortgage is right for you, it is important to understand what it is and how it works. In addition to this online guide, resources are also available through HUD (Department of Housing and Urban Development), NRMLA (National Reverse Mortgage Lenders Association), and community services organizations. Contact information for these organizations can be found on the Contacts and Resources page. Reverse Mortgage Specialists can also provide additional explanations of the features and benefits of a reverse mortgage with no obligation on your part. They will help you evaluate all of your options to identify what is best for your individual situation.

2. Get Educated

Regardless of the reverse mortgage product you choose, counseling by a HUD-approved counselor is required. With your consent, your reverse mortgage specialist will arrange for a HUD-approved counselor to contact you, or you may select from a list of approved agencies which we will provide. In addition to counseling, we strongly encourage you to seek advice from your family, legal, and financial advisors. And, of course, once you have reviewed this Consumer Guide on reverse mortgages, your reverse mortgage specialist can assist you with any questions and concerns you may have.

3. Appraisal

An appraisal is needed to determine the current market value of your home. Your lender typically will order the appraisal for you. The appraiser will determine if there are any repairs needed to meet Federal Housing Administration (FHA) or Countrywide Bank, FSB loan guidelines. It is customary for the lender to collect a deposit for the appraisal up-front, which is the only out-of-pocket expense for a reverse mortgage. The appraisal deposit is applied toward the cost of your appraisal and will show as a credit on your settlement statement.

4. Underwriting

You are not required to do anything during this step. Underwriters will review the loan file and inspection reports in accordance with FHA or Bank loan policy. When the underwriter has completed review of your loan file, you will be notified of the loan decision and any conditions that must be satisfied prior to closing.

5. Closing

The last step is the loan closing. After you have advised us of how you want to receive your benefit (see "Benefit Options"), your Reverse Mortgage Specialist will work with you and the closing agent to arrange for your loan closing. Finally, you will meet with the closing agent to sign your documents.

To speak with a Countrywide Reverse Mortgage Solutions Advisor, call 1-800-959-3789.