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The Step by Step Process Step 1 - Contacting Us You contact us to get all of the information needed to decide if a Reverse Mortgage is right for you. Step 2 - HUD approved Counseling Third party counseling is mandatory and must be done by a HUD approved agency. The counselor will explain different options available to you, and also review with you exactly how the program works. We can help you find a HUD approved counselor in your area. Step 3 - Application You fill out the application and select the payment option: Monthly payments for life, credit line, or lump sum payment. We will personally complete the application with you at your home or other convenient location. Step 4 - Processing We process the loan, ordering the appraisal, title report, lien payoffs, and credit report. If the appraiser uncovers structural defects, we will help you coordinate repairs during or following the closing of the loan. Step 5 - Underwriting After receiving all information and data, we will finalize the loan parameters, package the loan and submit it for underwriting and final approval. Step 6 - Closing The loan is approved and the final signing is scheduled. Loan documents are completed, and you sign all closing documents with a notary. Step 7 - Disbursement You have three days to cancel the transaction after signing final loan documents. After this period, the funds are dispersed. Any previous debts on the property are paid, and you begin receiving payment according to the terms of your loan. Step 8 - Repayment You do not make any monthly mortgage payments to your lender during the life of your loan. The loan becomes due and payable upon: the death of the borrower, the sale of the property, or if you no longer use the home as your primary residence. Upon the death of the borrower, the heirs/estate may repay the loan from the sale of the home or a refinance into a traditional mortgage.  Marketplace Funding, Inc. - 701 Palomar Airport Rd. Suite 300 - Carlsbad, CA 92011 Office Phone: (760) 931-4737 Fax: (760) 539-8800 Toll Free Phone: (800) 760-5156 Hawaiian Branch Location: 970 N.Kalaheo Ave #A213 Kailua, HI 96734 We are licensed in the following states: CA, FL, HI We are FHA/HUD approved We are VA approved
We are an Equal Housing Lender 
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