The Reverse Mortgage Process PDF Print E-mail

Step 1: Education

An expert Reverse Mortgage Loan Consultant will meet with you to:

  • Learn about your needs and individual financial situation.
  • Explain the benefits, features, options and costs associated with reverse mortgage products.
  • Help determine if a reverse mortgage is right for you.


Step 2: Counseling

To be certain you understand all the aspects of a reverse mortgage, the government requires you undergo an independent, unbiased counseling session with the U.S. Housing and Urban Development (HUD) approved counselor. This can be done in person or over the phone.


Step 3: Qualification & Application


  • If you are 62 or older and maintain a house, condo or co-op as a primary residence, you can qualify. There are no income or credit requirements.
  • Any existing mortgage or home equity loan balances on your home will be paid off with a portion of the proceeds from the reverse mortgage.
  • Your Loan Consultant will help you complete the application and collect your documentation.
  • Documents include: photo identification, verification of social security number, copy of property tax bill and existing mortgage statement.


Step 4: Processing & Approval

After you speak with a HUD-approved counselor, your Loan Consultant can submit the paperwork and begin to process your application.

  • Your Loan Consultant will order your home appraisal and title work.
  • The application will then be underwritten for approval.


Step 5: Your Closing


  • Your closing agent will contact you when they have obtained the final loan documents for you to sign.