The process, exactly as it happens

Everything starts here: a no-cost, no-pressure conversation about your goals and your numbers. Kelly explains the options in plain English, answers every question, and tells you honestly whether a reverse strategy fits. Family and financial advisors are welcome in the room.

Federal law requires every reverse mortgage borrower to complete an independent counseling session with a HUD-approved counselor before applying. It’s a consumer protection — an expert with no stake in your decision confirms you understand the loan. You’ll receive a certificate that unlocks the application.

With your counseling certificate in hand, Kelly takes your application through Fairway’s secure systems. She sits with you (in person or on video) for every form, so nothing is signed without being understood.

An FHA appraisal establishes your home’s value — one of the four inputs (with age, rates, and the HECM lending limit) that determine your available funds. Any required repairs are identified here.

Fairway’s team verifies the file: title work, payoff statements on any existing mortgage, taxes and insurance. Kelly keeps you posted at every milestone — no black holes.

An underwriter reviews everything, including the financial assessment HUD requires — confirming you can sustainably keep up property taxes, insurance, and maintenance. If a tax-and-insurance set-aside (LESA) makes sense, it’s structured here.

You sign with a closing agent — at the title company, or often right at your kitchen table. On a HECM refinance, federal law gives you a three-business-day right of rescission after signing: a built-in pause to be completely sure.

After rescission, the loan funds: any existing mortgage is paid off, and your line of credit, lump sum, or monthly advances go live. From here your obligations are the ones every homeowner has — taxes, insurance, upkeep, occupancy — and your required monthly mortgage payment is $0.