After You Close: What to Expect Next

Congratulations on taking the next step in your financial journey! Closing on your reverse mortgage is the beginning of a new chapter, and we want you to feel confident and supported every step of the way. Here’s what you need to know now that your loan has closed:

When You’ll Receive Your Funds

Depending on the type of reverse mortgage you selected, you may receive your funds in:

• A lump sum payment
  

• Monthly installments
  

• A line of credit you can draw from as needed

Your lender will confirm the disbursement schedule with you at closing, and you’ll have full access according to the terms you selected.

2. Your Ongoing Responsibilities

Even though you no longer make monthly mortgage payments, you still have important obligations to keep your loan in good standing:

• Primary Residence: Your home must remain your primary residence. Notify your lender if you’ll be away for more than 6 months for medical reasons or 12 months for other reasons.
  

• Annual Occupancy Certification: Each year, you’ll receive a simple form to confirm you still live in your home. Be sure to complete and return it promptly.
  

• Property Charges: You are still responsible for paying property taxes, homeowners insurance, and maintaining your home in good condition.

3. Statements and Communication

You will receive regular statements from your lender detailing your loan balance, disbursements, and available funds. Keep these records in a safe place, and don’t hesitate to reach out to us if you ever have questions.

4. If Your Circumstances Change

Life happens, and plans may shift. If you:

• Plan to move permanently,
  

• Experience extended stays away from home, or
  

• Face challenges paying property taxes or insurance, contact your lender or My Reverse Options immediately. The sooner we know, the more options we’ll have to help you protect your home and loan.

5. We’re Still Here for You

Our relationship doesn’t end at closing. At My Reverse Options, we treat every client like family, and that means staying connected for the long haul. Whether you need help with paperwork, have questions about your responsibilities, or just want reassurance, we’re only a phone call away.

📞 Call us at (877) 611-6226 anytime you need support with your reverse mortgage.

Quick Checklist

• ✅ Funds received according to your chosen option
  

• ✅ Property taxes and insurance remain current
  

• ✅ Annual occupancy certification form returned
  

• ✅ Home maintained as your primary residence