As an increasing number of baby boomers reach retirement age, they are beginning to look for different ways to maintain their pre-retirement lifestyle. For many retirees, pension plan and social security payments are not enough. Some of these seniors have turned to reverse mortgages to solve this problem.

The process of applying for a reverse mortgage loan is simple. Once you know what the requirements are, the paperwork is pretty easy. Plus, an experienced reverse mortgage broker can guide you through the entire process.

There are four main steps in the mortgage application process:

1. Familiarize yourself with how reverse mortgages work. These mortgages are different from traditional ones. Read about how they work AND when they’re a good fit for you.

2. Find a reverse mortgage lender to guide you through the loan process. We recommend the lender to be FHA certified. Make sure the lender has a lot of experience with reverse mortgages.

3. Attend required counseling. Federal regulations require that you get free counseling through an approved association like AARP. In this counseling session, you can get answers to all your questions. If you don’t know how to set up this session, ask your broker.

4. Gather all the paperwork you’ll need. With a reverse mortgage, you don’t need as much paperwork because you generally don’t need to prove income and your credit score is of little importance.

Although getting a home reverse mortgage is an important step, remember that hundreds of seniors are already applying for one every day. Just be sure to educate yourself and choose a good reverse mortgage broker who can guide you through the entire process.

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