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Step by Step Guide to obtaining your Reverse Mortgage. Topdot Mortgage ensures that the reverse loan process is quick and uncomplicated so that our clients can begin to reap the benefits of their new income as soon as possible. And qualifying is easy! 1. Visit the pre-qualification calculator to determine whether you are eligible for a reverse mortgage and how much you qualify for. 2. Next, speak with a third party counselor to determine whether a reverse mortgage makes sense for you. Reverse mortgage clients are required to have a free counseling session (by phone or in person) with an independent reverse mortgage counselor. The counselor will review the loan process and your situation, and then issue a Certificate of Borrower Counseling, which is required before obtaining a reverse mortgage. Your local representative will provide you with a list of qualified counselors. This is to your benefit and will help you to completely understand the program before proceeding or committing to anything. You may contact us for referral information about counselors in your area. 3. Once the counseling is complete, your Topdot Consultant will set up a time to complete the application with you, often in the comfort of your own home, if preferred. 4. Sign the final paperwork after the loan is processed. After the paperwork is signed there is a 3 (business) day rescission period where you may rescind the loan. After this period, escrow will disburse the funds and the money is immediately available to you! Note - with a line of credit accessibility may take up to three weeks from closing.
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