While each homeowner’s situation is unique, in general terms here’s what you may expect:

  1. 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.
  2. Gather your necessary documents, found under the “Necessary Documents” tab.
  3. Meet with your reverse mortgage specialist to sign an application.
  4. Have your home appraised. (The lender contacts the appraiser, and the appraiser then calls you to set up a convenient time for an appraisal.)
  5. Provide any additional necessary documents requested by underwriting.
  6. Go to closing, where you will sign the final documents.
  7. After three days, your loan will fund.