Steps of a Reverse Mortgage


Step 1

Obtaining pre-approval for a Reverse Mortgage with Atlantic Coast Mortgage starts with a call to our Reverse Mortgage Division and speaking with a Reverse Mortgage specialist.

During the call, we’ll collect basic information to estimate how much money you can receive from a Reverse Mortgage.


Step 2

We will visit you in the safety and comfort of your home to review the Reverse Mortgage terms and to answer your questions.


Step 3

Before an application can be taken, you will need to complete a mandatory Reverse Mortgage counseling session performed by a HUD approved counselor. We will provide you with a list of counselors. Counseling is available over the phone or in person, whichever you prefer.


Step 4

Once you have completed your Reverse Mortgage counseling session, we will then visit your home again to complete the Reverse Mortgage application.


Step 5

Once the loan process is complete and a final approval is issued, your loan closing will be scheduled.  For your convenience, closing can take place at your home.

*Reverse mortgages increase the principal mortgage amount and decrease home equity (it is a negative amortization loan). Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable when the last borrower, or eligible non-borrowing spouse, dies, sells the home, permanently moves out, defaults on taxes or insurance payments, or does not otherwise comply with loan terms. These materials are not from HUD or FHA and were not approved by HUD or government agency. See Department of Housing and Urban Development’s Mortgagee Letter 2014-10 for more information with regard to FHA requirements for advertising reverse mortgages. Information is provided as an advertisement and is not a guarantee of lending.

Additional Information