Like any other financial transaction, getting a reverse mortgage involves a number of steps designed to protect both you and the lender.

Here are the steps you can expect to go through when you apply for your reverse mortgage with Lake Area Mortgage:

1. Initial Discussion
   The first thing we like to do is talk to you, either over the phone or in person, about whether a reverse mortgage is right for you. We talk about the pros and cons, how it works, how much money you might receive and anything else you'd like to know about. Then you decide whether you want to take the next step.
    
2. Counseling
   If you decide that a reverse mortgage is the right choice, you receive free independent counseling from a certified, HUD-approved counselor to make sure that you have had all your questions answered and that there's been no confusion. It's a protection device that the government has built into the process of obtaining a reverse mortgage.
    
3. Appraisal
   Then we arrange for an appraisal to determine the objective market value of your home, and whether any repairs will be required to meet Federal Housing Administration guidelines.
    
4. Inspection
   In some cases an inspection is required to make sure that the home is structurally sound and that there's no extensive termite or dry rot damage.
    
5. Underwriting
   After the appraisal and inspection reports come in we go through all the normal processing procedures that you might find in any mortgage.
    
6. Closing
   The final step is the closing where you sign the final paperwork to receive the money, or proceeds, from your reverse mortgage. After the mandatory three day rescission period, you will receive your money. You can choose to receive the payment as a lump sum, as a monthly payment, or as a line of credit, or any combination of those three options.
   Then it's up to you: pay bills, fix up the house, help a family member, or use the money to enjoy your life.