How a No-Cost Reverse Mortgage Works

DS Consulting reverse mortgage process

Our Reverse Mortgage Process

Most loan officers come from a sales background so their laser focus in the initial conversation is if you qualify for the loan. Some will then try to “close” the sale in that initial conversation and push to arrange a meeting or mail you a 100+ page proposal. Remember that most of the companies/loan officers earn a small fortune on every transaction ($10,000-$20,000), so they have a strong incentive to persuade you to move forward. We respect you and your hard-earned money. We believe it is important to proceed only when you are understand it sufficiently and are very comfortable with it. We believe you should dictate the timeline, not us.

We prefer to have a conversation, often a long one, before asking you to sign anything. We want you to understand what reverse mortgages are all about before you send us any confidential financial documents. Once we understands your situation, we will talk about all of your options, even options that don’t involve our services. Typically, at the end of the conversation you will know exactly the preferred option that is right for you, and it will be clear the best way to move forward. For those who don’t have good options, we will help you understand the hurdles and how to overcome them.

Here’s what you can expect from the reverse mortgage application process at DS Consulting:

  • Telephone Discussion & initial evaluation/analysis
  • Joint decision on how to proceed
  • Reverse mortgage forms to facilitate the required counseling my accredited agency
  • Complete counseling by telephone or in person
  • Document gathering (including credit report)
  • Refined analysis using the information gathered
  • Face to face or telephonic meeting to discuss the refined analysis
  • Loan application package presentation & signing
  • Preliminary processing of the signed package by the loan processor
  • Open escrow and order the title insurance policy
  • Order and completion of the property appraisal
  • Gather additional documents as necessary
  • Submit completed loan package to lender’s underwriting department for approval
  • Underwriter reviews package and provides loan approval with conditions (“conditions” are the things to do for the parties involved in the transaction)
  • Loan processor and loan officer gather documents to satisfy the conditions
  • Those additional documents are submitted to the underwriter so the approval can be updated
  • Interest rate is locked
  • Final loan documents are prepared and sent to escrow
  • Escrow arranges signing by the borrowers and returns the signed documents to lender
  • The lender reviews the signed documents and signs off any remaining conditions
  • The lender schedules funding of the loan
  • The title company receives funds and coordinates with escrow the recording of certain documents with the County
  • Escrow disburses funds to all parties

Contact Us

DS Consulting
15951 Alta Vista Drive, Unit A
La Mirada, CA 90638
Phone: 562-902-2677


Dennis Sanchez
NMLS #281480
BRE #01179128
California CPA #34077 (inactive)
DS Consulting
NMLS #793097
Equal Housing Opportunity

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