Home  |  Find an ATM/Branch  |  About Us  |  Contact Us  |  Customer Service  | 

Search

Home > Mortgage Center > Products & Programs > Reverse Mortgages > Application Process

Reverse Mortgages – Application Process

Here’s a step-by-step look at the Reverse Mortgage Application Process:

• Arrange to speak with our Reverse Mortgage Specialist: One of the best ways to learn what you need to know about a Reverse Mortgage.  It’s simply an informal conversation to discuss whether a Reverse Mortgage is your best option. 
  
  
• Get Financial Counseling: This service is required by the government for some types of Reverse Mortgages to ensure you understand the loan and have had all your questions answered by an independent third-party.  Counseling is provided by many independent agencies and can often be done over the phone.  Our Reverse Mortgage Specialist can provide you with a list of approved counselors in your area.
  
  
• Apply for Your Reverse Mortgage: You can apply for your Reverse Mortgage by filling out a special Reverse Mortgage application with our Reverse Mortgage Specialist.  
  
  
• Loan Processing & Underwriting: As part of the application process, our Reverse Mortgage Specialist will set up an appraisal of your home. In some cases, a home inspection is required too.  When all the necessary information is gathered, your loan will be submitted for approval. 
  
  
• Loan Closing & Disbursement: At this stage the final figures are prepared and the paperwork is signed.  You’ll have three days after closing to cancel the loan, if you wish.  After that period, you’ll have access to the funds from your home through the payment option you selected during the application process. 
  
  
• Repayment: You’ll never have to make a traditional monthly mortgage payment as long as the property remains your primary residence.
  
  

---

Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. B.O.C. Financial Services is a trade name of Bank of Canton. Infinex is not affiliated with the bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.