Loan Process

 A Reverse Mortgage is like any other financial transaction, but it also has several steps designed to protect both you and the lender.

Here are the steps you can expect to go through when you apply for your reverse mortgage with Towne & Country Mortgage:

1. Initial Meeting / Discussion
   The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step.
2. Counseling
   If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor of your choice to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process of obtaining a reverse mortgage.
3. Appraisal
   Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
4. Inspection
   FHA requires a Wood Destroying Insect report.  If evidence of damage is found further inspection may be required.
5. Underwriting
   After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.
6. Closing
   The final step is the closing where you receive the money, or proceeds, from your reverse mortgage. You can choose to receive the payment in one of three ways: as a lump sum, as a monthly payment or as a line of credit. We will have our closing attorney come to your home should you wish and conduct the closing right in your home.
7. Timing
   From start to finish the process can take from 6 to 8 weeks.  During that time, your will have a real person on the other end of the phone to continue to provide answers to any questions you may have.  We welcome the opportunity to show you what a Reverse Mortgage can do for you both now and in the future.