The Reverse Mortgage Process
Step-by-Step Guidance to Help You Unlock Your Home Equity with Confidence
Step 1: Initial Consultation
We start with a no-obligation conversation to understand your goals, answer your questions, and explain how a reverse mortgage may fit your retirement plan.
- Discuss your home value and financial needs
- Learn about loan types (HECM, Jumbo, etc.)
- Review eligibility requirements
Step 2: Counseling Session (Required by HUD)
Federal law requires all reverse mortgage applicants to attend a HUD-approved counseling session with an independent third party.
- Objective advice to help you make an informed decision
- Counselors explain your rights and responsibilities
- Certificate of completion is issued for the loan process
You continue to live in your home and enjoy financial peace of mind.
Step 3: Home Appraisal & Application
A licensed appraiser evaluates your home’s market value to determine how much equity you can access.
- We’ll help you complete the official loan application
- Property inspection ensures the home meets HUD standards
- Required documents include ID, income info, and title details
Step 4: Underwriting & Approval
Our team and the lender review your application and appraisal results.
- Underwriter verifies eligibility, financials, and property status
- If additional documents are needed, we’ll guide you through it
- Once approved, loan documents are prepared for closing
Step 5: Closing & Disbursement
After signing the final documents, a three-day waiting period (Right of Rescission) begins for federally insured loans.
- After the waiting period, you receive your funds
- Choose from a lump sum, monthly payments, line of credit, or combination
- No monthly mortgage payments required
Step 6: Loan Servicing & Ongoing Support
You continue to live in your home and enjoy financial peace of mind.
- You must keep the home as your primary residence
- Stay current with property taxes, homeowners insurance, and basic maintenance
- Our team is always here to answer questions and support you
This was the best thing I ever did. Dealing with Todd Woodcock was wonderful; he walked me through it and gave me lots of information. Questions were answered anytime with no pressure. I contacted my Financial Advisor and with counsellors they help you to know if it's right for you. And that you understand it all. Now, no more worries about taxes and insurance.
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
I HIGHLY RECOMEND TODD WOODCOCK. HAVE PEACE OF MIND NOW!
Todd was professional, communicative, and an expert in this field. He did an amazing job and made the reverse mortgage process a pleasurable experience.
Todd went above and beyond to assistant my parents with their reverse mortgage. He was patient and explained the process from beginning to end. I'd recommend Todd to anyone exploring the possibility of a reverse mortgage. Definite 5 star experience.
If you are considering a reverse mortgage, then look no further than Todd Woodcock, certified reverse mortgage professional! He is extremely knowledgeable, explains everything carefully and thoroughly, is very prompt with responses and answers all your questions! He makes his clients his #1 priority! I recommend him highly. In fact, I run a lifelong learning center in Florida, and I am bringing him to my school to give a workshop on reverse mortgages.