While each homeowner’s situation is unique, in general terms here’s what you may expect:
- Call a reverse mortgage counselor from the List of HUD Approved Counselors and schedule a phone or face-to-face counseling appointment. Click here to find a HUD-approved counselor near you.
- Gather your necessary documents, found under the “Necessary Documents” tab.
- Meet with your reverse mortgage specialist to sign an application.
- Have your home appraised. (The lender contacts the appraiser, and the appraiser then calls you to set up a convenient time for an appraisal.)
- Provide any additional necessary documents requested by underwriting.
- Go to closing, where you will sign the final documents.
- After three days, your loan will fund.