Tip: download the branded PDF, print it, then check off each box as you go.
Download PDFStart here: the 5 essentials
If you only do a few things first, do these. The full checklist below covers every detail.
- 1Confirm the youngest homeowner is 62 or older.
- 2Make sure it's the home you live in most of the year.
- 3Jot down a rough home value and any remaining mortgage balance.
- 4Know you'll keep paying property taxes, homeowners insurance, and upkeep.
- 5Get a free, no-obligation estimate — no Social Security number or date of birth needed.
1. See if you may be eligible
These are the basic federal (HECM) eligibility points. They are general guidelines, not an approval — your specific numbers are confirmed when you apply.
- The youngest borrower (or eligible non-borrowing spouse) is 62 or older.
- The home is your primary residence — you live there most of the year.
- You own the home outright, or you have significant equity built up.
- The property is an eligible type (single-family, FHA-approved condo, 2–4 units you live in, or many manufactured homes).
- You can keep paying property taxes, homeowners insurance, and any HOA dues.
- You can keep the home maintained and in good repair.
2. Gather these documents
Having these ready ahead of time makes every later step faster. You do not need to provide a Social Security number, date of birth, or any sensitive data just to get an estimate.
- Photo ID for every person on the home's title.
- Most recent mortgage statement (if you still have a mortgage).
- Most recent property tax bill.
- Homeowners insurance declarations page.
- HOA statement or contact info, if your home has an HOA.
- A rough idea of your home's current value (a recent estimate is fine).
- Recent income documentation (Social Security award letter, pension, bank statements) for the financial assessment.
3. Walk through the process
The federally insured HECM follows this same consumer-protected path (proprietary jumbo programs are similar but vary by lender). Check each step off as you complete it.
- Get a free, no-obligation estimate and have your questions answered.
- Compare your options — lump sum, line of credit, monthly payments, or a combination.
- Complete the HECM's required independent HUD counseling with a federally approved agency (not the lender or broker).
- Submit your application and review every disclosure and cost.
- Let the FHA appraisal confirm your home's value.
- Sign at closing — your rate and terms lock in here.
- Use your federal 3-day right to cancel if you have any second thoughts.
- Receive your funds the way you chose, then keep up taxes, insurance, and upkeep.
4. Smart questions to ask before you sign
A good originator welcomes every one of these. If any answer feels rushed or unclear, slow down.
- What are all of my costs, including any I might not expect?
- Which payout option fits my goals, and why?
- How does this affect my heirs and the equity that's left in my home?
- What happens if I fall behind on taxes or insurance — and who do I call first?
- Could a HELOC, downsizing, or another option fit my situation better?
- Are you available to me directly, or will I be routed to a call center?
This checklist is for general education only. It is not an application, an approval, or an offer of credit, and it does not guarantee any loan amount or outcome. Eligibility and figures are confirmed only through a full application. HECM independent HUD counseling is required and is completed with a federally approved agency. Home Central Financial (dba Reverse Mortgage Plus) is a CA DFPI–licensed mortgage broker, NMLS #401212 — not a HUD counseling agency.
