NRMLA Reverse Mortgage Self-Evaluation: A Checklist of Key Considerations

You should ask yourself the following questions before proceeding with your loan application:
1. How do you intend to use your reverse mortgage loan proceeds?
2. Do you fully understand your obligations as a borrower under a reverse mortgage?
3. If you are married, will your spouse be a co-borrower on your loan?
4. How will your reverse mortgage loan be repaid?
5. Do you receive assistance under any government programs that are based on your current income?
6. How long do you, and your spouse, plan to remain in the home?
7. Have you considered other strategies to supplement your retirement income?