Next, we provide a comprehensive evaluation of your property and eligibility with our team. This includes confirming your age, occupancy status, and the type of property you own. We also review your home’s value and equity to determine the potential loan amount, ensuring that you receive accurate and realistic estimates.

Once eligibility is confirmed, we guide you through the required counseling process with HUD-approved counselors for FHA programs. This mandatory step ensures that all borrowers understand their rights, responsibilities, and the long-term implications of a reverse mortgage. We also provide guidance for proprietary or jumbo programs where additional documentation may be required.

After counseling, the application phase begins with our assistance. We help you complete all necessary paperwork, collect supporting documents, and submit your application to the lender. We carefully review every detail to minimize delays and ensure compliance with federal and state regulations.

Following application submission, an appraisal of your property is scheduled with a licensed appraiser. They evaluate your home to determine its market value. This appraisal is critical because it directly impacts the amount of equity you can access and ensures that the loan is structured correctly.

Once the appraisal and approval process is complete, we coordinate the closing with you. During closing, all loan documents are reviewed, and terms are finalized. We ensure you fully understand your obligations, repayment options, and any ongoing responsibilities such as taxes, insurance, and home maintenance.

Finally, after closing, we continue to provide support and guidance with our team. Our goal is not just to complete the transaction but to ensure that you are comfortable with your reverse mortgage and understand how to manage your funds effectively. Tom Spaniel Reverse Mortgage remains available for questions, updates, or financial planning advice throughout the life of your loan.