Setting the Closing Date
Closings must be coordinated with many parties that may include: the lender, yourself, your attorney, and the title company representative. Your Reverse Mortgage Specialist will personally help coordinate the closing for your greatest convenience.
Loan processing typically takes 6‑8 weeks before the closing can commence. The closing for a Reverse Mortgage may take place in your home or at our office. Thereafter, you will have three (3) days in which to cancel the mortgage should you change your mind. Once closed, all cash disbursements due to you will be forwarded directly from the Processing Center after the three (3) days have expired.
After the Closing
With a Reverse Mortgage, you have responsibilities similar to those associated with a traditional mortgage.
You are expected to:
• Pay property taxes
• Keep adequate property insurance up‑to‑date
• Maintain the home
Closings must be coordinated with many parties that may include: the lender, yourself, your attorney, and the title company representative. Your Reverse Mortgage Specialist will personally help coordinate the closing for your greatest convenience.
Loan processing typically takes 6‑8 weeks before the closing can commence. The closing for a Reverse Mortgage may take place in your home or at our office. Thereafter, you will have three (3) days in which to cancel the mortgage should you change your mind. Once closed, all cash disbursements due to you will be forwarded directly from the Processing Center after the three (3) days have expired.
After the Closing
With a Reverse Mortgage, you have responsibilities similar to those associated with a traditional mortgage.
You are expected to:
• Pay property taxes
• Keep adequate property insurance up‑to‑date
• Maintain the home
Reverse Mortgage Man
(866) 800-0280
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