What’s the next step if I want to apply for a HECM loan?
1) Contact a reverse mortgage professional to start the reverse mortgage process. They will help the homeowner estimate the value of their home and establish loan options based on that estimate.
2) Schedule an appointment with a HUD counselor. A certificate of completion will be issued once completed. You can contact any of the 11 Colorado counselors. Cost and any required documentation will vary slightly with each counselor. Most counselors do not charge for HECM counseling and can meet in-person but some agencies such as Greenpath, can do counseling over the phone for $125.
3) Sign loan disclosures and order appraisal. The appraisal should 
typically be the only out of pocket cost to the homeowner. Cost will range between $450-$550. Lenders usually do not charge any other fees such as application or credit report fees.
4) Submit disclosures, appraisal and completed counseling certificate to underwriter for final review. Schedule a closing date and time.
5) Closing day. Sign final loan disclosures. HUD protects homeowners with a 3 day rescission period which means you have the right to cancel the loan within 3 business days. In result, the new HECM loan actually funds on the 4th day. Any previous mortgages and liens would be paid off and any additional loan proceeds would be received by the homeowners on that day.