What’s My Next Step?
There are typically four steps to getting your reverse mortgage:
I. Schedule an Initial Meeting
Call AFC Reverse Mortgage 610-437-7230 to schedule a no obligation consultation. We will go over the numbers with you and help you determine if a reverse mortgage is right for you. Your family members and trusted advisers are welcome to attend. It is our goal to make sure you fully understand the program and make an informed decision.
II. Counseling
Next, you’ll have a counseling session with a FHA/HUD approved independent Reverse Mortgage counselor. Counseling is a consumer protection feature of the FHA Reverse Mortgage program to make sure borrowers understand the program. We will provide you with a list of counselors or you can find them on the FHA website. You choose and contact the counselor. The borrower(s) and anyone else they choose (other than a lender) may attend the counseling. Counseling can be done face to face or by phone. It usually takes less than an hour. Lenders are not permitted to participate in the counseling.
III. Loan Disclosures and Appraisal
When you have completed your counseling, we will come to your home (or you can come to our office) to have the initial paperwork signed, including the loan application and other required mortgage disclosures. We will also have an FHA approved appraiser contact you to appraise your home.
IV. Loan Closing
Finally, we schedule your loan closing. The loan is usually closed in your home, frequently in as little as four weeks after counseling. Since this is a federally related mortgage loan, rescission applies, and the borrower(s) have the right to cancel the Reverse Mortgage as late as three business days AFTER the closing.
