The Loan Process


Please choose your mortgage type

education

Research

Your journey to a Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, should start with research. Informed decisions are good decisions, which is why we take great care in creating our blogs, videos and e-Guide. Learn about the advantages and disadvantages of a reverse mortgage in a way that’s easy to understand.

pre-qualification

Counseling

HECM counseling is required before applying for a reverse mortgage. Our loan originators will provide you with a list of HUD Certified Housing Counselors, and will be available to answer your questions. The advice you receive will put you on a path for determining if a reverse mortgage is right for you.

information

Loan Programs

There are more ways than one to use a Home Equity Conversion Mortgage. At Open Mortgage, we offer programs that could help you achieve your financial and life goals, and together, we’ll explore the options for your specific situation.

application

Application

When you’ve decided you’re ready for a reverse mortgage, we will provide you with a 1009 application.


process

Items Needed/
Requirements

Some of the guidelines for applying for a reverse mortgage include: Date of birth (borrowers must be 62-years or older), social security number, income (pension, tax returns, etc.), a copy of property taxes and a copy of homeowners insurance.


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Appraisal

In order to assess the loan you qualify for, your home must first be appraised. An appraisal will give Open Mortgage an unbiased estimate of your home’s value and ensure that your requested loan amount is appropriate.

processing

Processing

After your application has been submitted, it must be processed en route to being approved. Our processors prepare and double-check your documentation before sending it to the underwriter. We aim to process your loan application as quickly as possible, so you can receive your loan quickly and rest easy. Therefore, getting any requested documentation to your loan originator or processor as quickly as possible is key.

underwriting

Underwriting

As you near the end of the your journey, the second to last stop rests with the underwriter, who takes a final review of all the items submitted, along with the application, and makes sure everything is in order to approve the loan. They examine documents quickly but carefully, and respond in a timely manner.

closing

Closing

It’s the big day. We work with our closing department to gather paperwork and confirm all the details. When everything has been reviewed and if you are approved, there’s just one thing left: Your signature.

support

Support

Our services extend beyond the mortgage process. Open Mortgage offers tips and advice regarding home improvement, retirement and aging in place. No matter where you’re headed, we’re here to guide you.

contact

Let’s Connect

For more information please contact us via phone, email, or follow us on social media.

Things to know about Reverse Mortgages:

  • At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds
  • Charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees
  • The loan balance grows over time and interest is charged on the outstanding balance
  • The borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home
  • Interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full re-payment
  • This material is not from or approved by HUD, FHA, or a Government Agency