Your Reverse Mortgage Paperwork Checklist

If you're considering a reverse mortgage, which allows homeowners 62 and older to tap into the value of their home, there are a number of documents to pull together before you schedule your required counseling session and submit your application.

Here's a list of some of the forms you'll need:

1. Income and expense records. Before you visit a reverse mortgage counselor, you'll need to have an idea of how much money you have coming in, how much you owe, and how much more you'll need. You'll need to verify your expenses including housing, utilities, food, transportation and health-care costs.

2. Existing debt information. If you have an existing traditional mortgage (or two), you'll need to provide documentation showing how much you still owe, since this amount will be paid off with the proceeds of your reverse mortgage and ultimately determine how much cash or credit will be available. If you have any other existing debts, such as a lien on your home, you'll need to disclose that and have documentation, as well.

3. An estimate of your home's value. Next to your age, the value of your home is the most important factor determining how much you can get out of a reverse mortgage. Before counseling, you don't need to pay to have an official appraisal of your home, according to Sue Hunt of the Consumer Credit Counseling Service of Greater Atlanta.

She suggests calling a real estate agent who does business in your area for an estimate of your home's value. Or you can check Zillow.com. Later, when you actually submit your application to a lender, you'll have to get an official appraisal. This can be arranged by your lender, and it's required before any binding papers can be signed, says Johnnie Vineyard, a certified counselor at the Consumer Credit Counseling Services of Greater Greensborough in Greensborough, N.C.