6 Steps to Complete Your Reverse Mortgage
Most Utah homeowners go from first conversation to funded loan in 30 to 45 days. Here is exactly what happens at each stage — and what to expect from us along the way.
Education
The first step is simply learning. You meet with one of our Utah loan officers — by phone, video, or in person — to understand how a reverse mortgage works, whether you qualify, and whether it makes sense for your specific situation.
We will review your home equity, your goals, and your retirement picture. You will receive a personalized estimate at no cost and with no commitment to move forward. Most clients spend 60 to 90 minutes with us at this stage, asking every question they have.
What you need: Nothing. Just a willingness to ask questions and listen. We bring the information.
- Free consultation — no fees ever at this stage
- Personalized estimate based on your home and age
- No credit pull, no commitment
Independent HUD Counseling
Before any HECM reverse mortgage can move forward, federal law requires all borrowers to complete a counseling session with an independent HUD-approved counselor. This counselor has no financial relationship with us or any lender — their only job is to make sure you fully understand your options.
The session covers your financial situation, the reverse mortgage program terms, and alternatives you may not have considered. It typically takes 60 to 90 minutes and can be completed by phone from your home. There is a small fee (usually $125 to $175) paid directly to the counselor.
Why this matters: This step is a consumer protection built into the program. Many clients tell us it was one of the most valuable conversations they had throughout the process.
- Independent — the counselor works for you, not us
- Can be completed by phone from your home
- We provide a list of HUD-approved Utah counselors
Application
Once you decide to move forward and have completed HUD counseling, you complete your formal application with Reverse Freedom Mortgage. We guide you through every field — nothing is left for you to figure out on your own.
You will also provide supporting documentation at this stage. The list is similar to any mortgage application and typically includes proof of identity, proof of homeowners insurance, and documentation of any existing mortgage balance.
What to gather: Government-issued ID, Social Security number, recent mortgage statement (if applicable), homeowners insurance declarations page, and property tax bill.
- We walk you through every section
- Can be completed in person or remotely
- We let you know exactly what documents we need
Appraisal
We order a home appraisal on your behalf through an independent FHA-approved appraiser. The appraiser visits your home, assesses its condition, and determines its current market value. This number becomes the basis for your loan calculation.
The appraisal typically takes one to two hours on-site. Results usually come back within a week. In some cases, FHA may require a second appraisal — this happens when the first appraisal comes in unusually high. If a second is required, we will let you know immediately and walk you through what it means.
Your role: Simply be available for the appraiser's visit. We handle the scheduling and coordination.
- We order and coordinate the appraisal for you
- FHA-approved appraiser, independent of Reverse Freedom
- We explain the results and what they mean for your loan
Processing and Underwriting
Once we have the appraisal, title, and all required documentation, your complete file is submitted to underwriting for formal review and approval. The underwriter verifies that everything meets FHA guidelines before the loan can close.
During this stage, the underwriter may request additional documentation or clarification — called "conditions." We handle these requests promptly and keep you informed at every turn. Most files receive a conditional approval first, followed by a clear-to-close once all conditions are satisfied.
Your role: Respond quickly to any document requests. Delays at this stage are usually caused by slow document turnaround. We make it as easy as possible to provide what is needed.
- We submit and manage your file
- We communicate any conditions clearly and quickly
- You will know your status throughout
Closing and Funding
Once the underwriter gives final approval, a closing is scheduled. You will sign your loan documents at a title company or with a mobile notary who can come to your home. We review every document with you before you sign anything.
After signing, FHA requires a 3-business-day right of rescission on refinance transactions. This is a mandatory cooling-off period — you have 3 full business days to cancel the loan without any penalty if you change your mind. This is another consumer protection built into the program.
Once the rescission period expires, the loan funds and your proceeds are disbursed in your chosen format — lump sum, line of credit, monthly payments, or a combination.
- Closing can happen at your home with a mobile notary
- 3-day rescission period on refinance transactions
- Funds disbursed in your chosen format after rescission
We were nervous about the process, but Chad walked us through every single step. By the time we got to closing, there were no surprises. It was one of the smoothest financial transactions we have ever been through.
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NMLS #1382816 | Utah DRE #9441193 | This material is not from HUD or FHA and has not been approved by HUD or a government agency. A reverse mortgage is a loan that must be repaid. Borrowers must continue to pay property taxes, homeowners insurance, and maintain the property as a primary residence.
Utah's reverse mortgage specialists since 2008. Helping Utah retirees live the retirement they imagined.
HUD/FHA Notice: This material is not from HUD or FHA and has not been approved by HUD or a government agency.
Loan Repayment: A reverse mortgage is a loan that must be repaid. Borrowers must continue to pay property taxes, homeowners insurance, and maintain the property as a primary residence. Failure to do so may result in foreclosure.
Reverse Freedom Mortgage is licensed in the State of Utah. NMLS #1382816, Utah DRE License #9441193.
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