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. ...