How to Get a Reverse Mortgage: 7 Simple Steps for Colorado Homeowners

If you own your home and worry about stretching Social Security, pensions, and savings, this episode is for you. I walk you through the seven clear steps to get a reverse mortgage. I explain what really happens at each stage, what to expect, and what to watch out for. I use real examples from Colorado homeowners I’ve helped so you can see how this works in everyday life. By the end, you will know whether a reverse mortgage could give you more monthly cash, eliminate a mortgage payment, or create a safety net for unexpected costs.

What you’ll learn

• Step 1 — Awareness: What a reverse mortgage is, who qualifies (age 62+), and how it differs from a regular mortgage or selling your home.
• Step 2 — Gather facts: Where to find accurate, non-sales information (HUD, NARML, FTC) and which online traps to avoid.
• Step 3 — Counseling: Why independent HUD-approved counseling matters, what the counselor will cover, and typical fees.
• Step 4 — Application: Documents you’ll need (ID, Social Security verification, mortgage statements, insurance, income proof) and how the e-doc process works.
• Step 5 — Processing: How we order the FHA case number, the appraisal, title search, and what liens or judgments mean for your loan.
• Step 6 — Closing: What happens at signing, the three-business-day rescission period, and timing for funding and payoff of existing loans.
• Step 7 — After closing: How the loan is set up, how lines of credit take about a month to activate, and tips to manage taxes, insurance, and loan growth.
• Real examples: How borrowers used a reverse mortgage to stop a $1,500 monthly payment, fund home repairs, or keep money for travel and grandkids.
• Trade-offs and risks: How interest grows on the loan, why you still must pay taxes and insurance, and how to protect your heirs and your home.
• Practical tips: Do not give your Social Security number to get a quote, avoid data-selling lead pages, and how to choose a counselor and lender you can trust locally.

This episode breaks the process into simple, steady steps so you can make a clear decision without pressure. If you want more monthly cash, to stop a mortgage payment, or a fallback for future health or home costs, listening will give you the facts and next steps. I share real Colorado examples, practical warnings, and exact documents you’ll need.