Educate Yourself
  
Learn all about this federally insured program, how it works, how much money you will receive, what the loan costs are, and what you need to know to make an informed decision.
  
Initial Discussion
    
The first step is to talk to a Reverse Mortgage Consultant, either on the telephone or in person, to decide whether you want to take the next step.
  
Counseling
    
If you decide that a Reverse Mortgage is the right choice, you must receive independent counseling from a certified HUD Approved Counselor to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that government has built into process.

THE LOAN PROCESS
   
When You Have Chosen a Lender:
   
Appraisal
   
Next, the mortgage consultant will help you arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
  
Title
    
Title is going to be ordered to verify if there are any open liens on the home.

Underwriting
    
After the appraisal and title reports are completed,  the mortgage consultant will go through all the normal processing procedures that you would find in any mortgage.

Closing
    
The final step of the program is the closing where you receive the money, or proceeds, from your Reverse Mortgage. You can choose to receive the payment in one of four ways: as a lump sum, monthly payment, line of credit or a combination.

What you do with the money is up to you!