Reverse Mortgage Loan Process

Reverse mortgages make it possible for seniors or retired homeowners to use the equity they have built up in their homes over the years to remain in their homes while meeting ordinary or emergency expenses, however the process of obtaining a reverse mortgage loan is both simple and complicated.  Initially developed for those age 62 or older who are "house-rich, cash-poor," it is possible to pay living and other expenses using your home equity.

Omni Fund Inc. has provided guidance below to help make the reverse mortgage loan process less stressful and easier to navigate, so that the process is speedier and you can move forward prepared and organized.


Research is the first step in getting a reverse mortgage, and it is important to learn all you can about this type of home financing.  In addition to researching online, consider the advice of family members or friends who have considered or obtained a reverse mortgage.  Knowledge IS power. 


Once you have decided that a reverse mortgage loan is right for you following thorough and in-depth research, the next step is the application package.  Whether over the phone or in person, our reverse mortgage specialists will provide expert guidance.


Participating in a consumer education session with a counselor who is HUD-approved is required for applicants interested in reverse mortgages to ensure you understand not only the options, but the financial and legal obligations involved.  Ultimately, it is about making the right decision; your counselor will provide information regarding other financing options as well.

Home Appraisal

Once your reverse mortgage application and Signed Counseling Certificate have been received, we make arrangements for a professional appraiser to visit your home to make the appraisal.  This is the step in which the appraiser will determine the value of your home; once complete, we review the appraisal report to determine whether minimum guidelines are met.  The appraisal report may be approved, suspended, or repairs may be required before approval.  At closing you will be provided with a copy of the appraisal.


Upon approval of the appraisal, clearing of the title report, and determination of value, your application and supporting documents will be reviewed by our underwriting department to ensure conditions for approval have been met.

Closing / Settlement

Upon approval of your application by the underwriting department, a meeting will be scheduled to finalize paperwork, which typically takes about one hour.  The final loan documents will then be sent to the lender, and the processing center will forward the funds you are due promptly.