How the Process Works

Here are the steps you can expect to go through when you apply for your reverse mortgage with American Senior Mortgage:

1. Initial Discussion

The first thing we like to do is talk to you about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step.

3. Appraisal & Inspection

2. Counseling

If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process of obtaining a reverse mortgage.

4. Underwriting & Closing

An appraisal and inspection is done to determine the market value of your home.

The final step is the underwriting and closing where you receive the money from your reverse mortgage.

Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life.