Consultation with an experienced Reverse Mortgage Loan Officer:

The first step is to decide if a reverse mortgage is right for you. A Bank of Commerce Mortgage Reverse Mortgage Loan Officer will analyze your unique financial situation. We can help guide you through the entire application process.

HUD Counseling:

HUD counseling is mandatory before you can submit an application or incur any loan processing fees. Many times counseling can be completed over the telephone. Once you are approved, you will receive two certificates; one to keep and the other to send to our office.

Appraisal:

Upon receiving your HUD counseling certificate, we will contact you to arrange for an appraisal of your property. Reverse mortgages require a full FHA appraisal. The value of your home is based on comparable properties in your neighborhood that have recently sold.

Processing:

Bank of Commerce Mortgage will process all your paperwork. This process includes the appraisal, title report, and checking the balance of any liens/mortgages to be paid. We will be in regular contact with you during this time.

Underwriting:

When the processing and all paperwork is complete, we forward your file to the underwriting department for final approval and will work to satisfy any conditions/requirements needed to close your loan.

Closing & Disbursement of Funds:

Once your loan is approved, you will sign the final loan documents. By that time, we will have confirmed the details of how you want to receive your money. You have three business days to cancel the loan, if you should choose to do so. Subsequently, your funds are usually disbursed within 5-7 business days depending on the payment option(s) you have chosen.