Steps to a reverse mortgage
Steps to a Reverse Mortgage
  1. Up Front Education
  2. Counseling
  3. Application, Fees & Disclosure
  4. Loan Processing and Underwriting
  5. Closing
  6. Disbursement of Funds
  7. Life of Loan Issues
  8. Settling the Loan Account
Up Front Education

How do you begin to learn about a reverse mortgage? You contact a Golden Equity Mortgage (GEM) reverse mortgage professional, we specialize in these loans.

All GEM members must adhere to a Code of Ethics & Professional Responsibility and the Pledge to Reverse Mortgage Borrowers in which they promise to serve you with integrity and professionalism. Your best interests are loan officers' only consideration. 

A GEM Representative will:

  • Present you with a full range of reverse mortgage products that are available from his/her company;
  • Explain the terms, benefits and costs of each product;
  • Clearly explain his/her responsibilities to you;
  • Clearly explain your responsibilities under the terms of a reverse mortgage, including paying property taxes on time, maintaining insurance and maintaining your home in good condition;
  • Carefully review your income, assets and expenses to help you assess whether you can meet these obligations and determine whether the reverse mortgage is the best financial product for your situation;
  • Meet with you as frequently as you need and, at your request, also meet with other members of your family or your financial advisors;
  • Explain that, according to Federal statute, you must complete a reverse mortgage counseling session and provide you with a list of HUD-approved counselors you may contact. (As a means of maintaining a hands-off relationship so that you get unbiased third-party advice, a lender is not permitted to recommend any specific counselor);
  • Prepare you for making your counseling session the most effective by providing you with questions you might want to ask and information you should confirm.

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Reverse mortgage calculation provided
by ReverseVision
Equal Housing Opportunity Lender. Not a commitment to lend. Golden Equity Mortgage is a division of Land Home Please consult your financial adviser. Land Home Financial Services 1355 Willow Way, Suite 250, Concord, CA 94520. Company NMLS #1796 or Click here for a list of state licenses