Your Reverse Mortgage Paperwork Checklist

4. Power of attorney. If you have power of attorney for someone else, you'll need to provide copies of documents verifying this, says Vineyard.

5. Payment. Before you go into counseling, find out how much you'll have to pay for it and when you'll have to pay. You may have to pay at the time of your counseling session, or it may come out of your reverse mortgage proceeds. In some cases, such as a financial hardship, you may not have to pay a counseling fee at all. You should not have to pay any fees to a lender before you've received reverse mortgage counseling.

6. Proper identification. You'll have to provide a photo ID, such as a driver's license or passport, which will also prove that you're at least 62 years old. Joe DeMarkey, a regional director and reverse mortgage specialist for MetLife (MET Quote), says you'll also need a copy of your Social Security card to further verify your identity.

7. Proof of ownership. Additionally, you'll have to provide proof that you own your property and that it's your principle residence, using, for example, a property tax bill or deed to your home.

8. Certificate of HECM counseling. After your reverse mortgage counseling session, make sure you have a certificate. This is written proof that you've received counseling, and it's required when you apply for an Federal Housing Administration-insured reverse mortgage. Borrowers are not obligated to sign any binding agreements, and lenders charge any fees until the certificate of counseling is received by the lender.

9: Homeowners insurance. In order to get a reverse mortgage, you'll have to have homeowners insurance. You're essentially tapping the value of your home for cash, and lenders want to make sure your home retains its value.