Application Process

Education

The process of getting a reverse mortgage begins with the phase you are in now. You are taking the time to get information and learn more about this kind of home financing to determine if it is right for you.

Counseling

Reverse mortgage applicants are required to participate in a consumer education session with a HUD-approved counselor. Family members and other advisors are welcome to accompany you. The counselor will explain the legal and financial obligations of a reverse mortgage and discuss other financing alternatives to help ensure you make the right decision.

Counseling-session attendees receive a Certificate of Borrower Counseling, which is valid for 180 days. You must present this certificate to your lender as proof that you have fulfilled the counseling requirement.

Application

Your home mortgage consultant will help you complete and sign your reverse mortgage loan application. Shortly after the application is submitted, as required by federal Truth-in-Lending Act, you will receive a disclosure that outlines your total estimated loan cost.

Appraisal

A professional appraiser will be contracted to determine the value of your home, and this will be used to calculate the amount you can receive from your reverse mortgage. Your lender typically coordinates the appraisal.