Questions to Start the Reverse Mortgage Process

The AARP recommends answering the following questions prior to applying for a reverse mortgage:

  1. Do you really need a reverse mortgage?
  2. Can you afford a reverse mortgage?
  3. Can you afford to start using up your home equity now?
  4. Do you have less costly options?
  5. Do you fully understand how reverse mortgages work?
  6. Who else should I involve in considering a reverse mortgage?
  7. Which reverse mortgage counselor should I choose?
  8. Have I given due consideration to all my choices?
  9. When would be the best time to take out a reverse mortgage?
  10. What interest rate should I select? Which reverse mortgage lender should I choose?
  11. How should I use a reverse mortgage?