The path: 1) HUD-approved counseling; 2) application & financial assessment; 3) appraisal; 4) underwriting; 5) closing (with a right to cancel); 6) funding and payout of your chosen option.
Counseling first
Every borrower completes a session with an independent HUD-approved counselor who explains costs, alternatives, and obligations. You receive a certificate that is required before the loan can proceed — a built-in consumer protection.
Application through closing
After counseling we take your application, order the appraisal, and complete the financial assessment. Underwriting confirms eligibility and any set-aside. At closing you have a three-day right of rescission to cancel. After that, funds are disbursed by your chosen payout method.
Choosing your payout
At funding you select how to receive proceeds: a lump sum, a growing line of credit, monthly payments (tenure or term), or a combination. We help you pick the structure that fits your goals and keeps the most flexibility.
Frequently asked questions
How long does the whole process take?
Typically 30–45 days from counseling to funding, depending on the appraisal and any repairs.
Can I change my mind after closing?
Yes. Federal law gives you three business days after closing to cancel a reverse mortgage on your primary residence.
Do I have to take all the money at once?
No. Only fixed-rate HECMs require a lump sum. Adjustable HECMs let you keep funds in a growing line of credit.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.