Do Some Research
Before beginning the reverse mortgage process, you should do some research to ensure it is the right product for you. It is recommended you select a lender who specializes in reverse mortgages. You will want your lender to be a good fit for you since they will be guiding you through the loan process. You can visit sites like the Better Business Bureau and Consumer Affairs to evaluate lender reviews and ratings.
Talk to Friends and Family
Another resource is family and friends who have received a reverse mortgage loan and can share their experience with you. You will also want to discuss your plans of receiving a reverse mortgage with your heirs as there are responsibilities your heirs will be required to fulfill to satisfy the obligation of the reverse mortgage when the last borrower passes away or permanently leaves the home. 
Gather Information Before and During Counseling
Reverse mortgage counseling for potential borrowers is not only a requirement but is also a significant part of the reverse mortgage process. The mandatory counseling session will ensure you are aware of the type of loan you are applying for and will navigate you through all the aspects and responsibilities that come with a reverse mortgage.
Understand the Process
Every lender is different, but the following is a good ide of what to expect during the process regardless of who you choose:
- Application- Once you decide to move forward with a reverse mortgage, sending in your application is the first step and allows the lender to begin processing your information.
- Reverse Mortgage Counseling– Reverse mortgage counseling can be completed before or after submitting your application. However, your loan cannot move forward until your lender has proof that your counseling has been completed.
- Appraisal- The appraisal is used to determine how much your home is worth. The lender will have your home appraised by an independent Federal Housing Administration (FHA) approved appraiser that must follow FHA property appraisal guidelines.
- Underwriting– In this step, the lender’s FHA-approved underwriter will review your loan application package to determine if your financial condition and home meet FHA guidelines.
- Loan Closing- The final step is the signing of the closing documents. The closing documents will contain the final terms of the reverse mortgage loan, including the loan amount, interest rate, fees, and loan proceeds after any existing mortgages have been paid.1
- Funding– Funding is when available proceeds are disbursed to you and based on your preference you can receive your funds any way your title company offers such as check, wire transfer, etc.2
If you have questions about how reverse mortgage loans work, call 800. 976.6211 and speak with a reverse mortgage loan advisor.
1 Your current mortgage(s), and any other existing liens against the property must be paid off with the reverse mortgage proceeds.
2 The funds available to the borrower may be restricted for the first 12 months after loan closing, due to HECM reverse mortgage requirements. In addition, the borrower may need to set aside additional funds from the loan proceeds to pay for taxes and insurance. This disbursement option is only available for a fixed rate loan.