Your reverse mortgage solution advisor is committed to providing you with outstanding customer service.
Step 1: Request
Before you apply, it's important to discuss Bank of America reverse mortgage products with an advisor, family, friends and advisors. Once you determine that a reverse mortgage is an option for you, please contact your reverse mortgage solution advisor. The solution advisor will provide you with a list of local and telephone counseling options and a preliminary estimated summary of reverse mortgage loan benefit specific to you and your needs.
Step 2: Counseling
Next you will speak with an independent third-party HUD counselor who will review the reverse mortgage product and documents with you to make sure you understand how reverse mortgage products work and explain your alternatives.
The session typically lasts at least an hour and may be conducted in person or over the phone (some states require in-person counseling). The cost of counseling varies and will be determined by the counselor.
Step 3: Application
After you complete the counseling session and your counselor has issued a certificate of counseling, you can contact your reverse mortgage solution advisor to move forward with an application.
Once your signed and dated application and counseling certificate have been received, all the necessary services and documentation will be ordered, such as an appraisal, title review and flood hazard determination. You will need to provide proof of flood insurance (where required).
Step 4: Appraisal
Next, your property will be appraised. An appraiser will visit your home and assess its exterior and interior condition, as well as compare the property to other homes recently sold in your area. The cost of the appraisal is considered part of the third-party vendor closing costs and you may be able to finance with the loan.
Step 5: Loan Closing
Once you have met all the conditions of the loan, a closing date and location will be scheduled. A closing agent will present all the necessary loan documents for you to sign and answer any questions. After all documents are signed, you have three business days in which to cancel the loan should you decide to do so. (This three-business-day right-to-cancel period applies only to non-purchase funds secured by a primary residence.)
Step 6: Funding
After the completion of a three-business-day right-to-cancel period, you can receive the proceeds you requested. Additionally, your reverse mortgage solution advisor will discuss the different ways you'll be able to access your proceeds in the future.