Reverse Mortgage Process Explained: First Call to Funding

You've done the research. You think a reverse mortgage might be a fit. The only question left is: what actually happens? This is not a video about the rules, the regulations, or the pros and cons. It's the process - every step from the first phone call to the day the money lands, including the parts most people don't find out about until they're already in it. If you're a homeowner over 62 looking at a HECM (Home Equity Conversion Mortgage), or you're the adult child sitting in on that conversation for a parent, this walks you through the whole thing so you know what's coming. CHAPTERS 0:00 Who this video is for 1:25 Step 1: The first phone call 2:07 Step 2: Running your scenarios 2:47 Step 3: Your options — the proposal 3:05 Step 4: The application 3:24 Documents you'll need to gather 3:59 Your credit report and why it matters here 4:24 What a LESA is and how it can shrink your equity 5:36 Step 5: HUD counseling (required) 6:47 Locking your initial rate 7:07 Step 6: The appraisal 7:35 Re-running the numbers with a real value 8:45 Step 7: Underwriting and conditions 9:59 Step 8: Title, final documents, and signing 10:45 Your 3-day right of rescission 11:37 Step 9: Funding and recording 12:12 How long the whole process takes 12:24 What happens in the weeks after closing 12:43 Why working with a broker changes this 13:11 Recap and your next step If you're in AZ, CA, CO, KS, KY, MD, MI, MO, MT, NV, NJ, NC, OH, OR, SC, TN, TX, UT, WA and want to see what your options actually look like → https://link.theradcrm.com/widget/boo... A 15-minute conversation. I'll run your numbers and come back within one business day with what's possible, or exactly why it isn't yet, and what would need to change. RELATED VIDEOS How the HECM line of credit works →    • Reverse Mortgage Line of Credit: Why It Ca...   Who owns the home if you have a HECM? →    • Reverse Mortgages: Does the Bank Actually ...   The start-to-finish process of a regular mortgage →    • First Time Getting a Mortgage? Every Step,...   This video is for educational purposes only and is not a commitment to lend. Reverse mortgage eligibility, loan proceeds, costs and terms vary based on borrower age, property value, interest rates and other factors. Borrowers are responsible for property taxes, homeowners insurance, applicable HOA dues and maintaining the home in accordance with loan requirements. Dave The Mortgage Guy powered by Barrett Financial Group | David Martel | Mortgage Loan Originator | NMLS# 2521668 | Barrett Financial Group, L.L.C. | NMLS #181106 | 2701 East Insight Way, Suite 150, Chandler, AZ 85286 | AL 22977 | AZ 0904774 | GA 181106 | MA MC181106 & MC181106 | MO 181106 | OR | PA 92105 | TN 204577 | TX view complaint policy at barrettfinancial.com/texas-complaint | VA MC-7357 & MC-7357 | Equal Housing Opportunity | Equal Housing Lender | This is not a commitment to lend. All loans are subject to credit approval. nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106