Most borrowers take the following steps :

• check with Centrelink regarding any possible impact on benefit entitlements
• obtain independent financial advice if you feel this is beneficial
• discuss your plans to arrange a reverse mortgage with family/beneficiaries
• compare lenders’ products and select your preferred lender
• complete the lender’s application form
• advise your solicitor of your intentions to borrow as legal advice is compulsory
• send the application and supporting documents to the lender
• make an appointment with the valuer to inspect your property
• loan documentation is sent to your solicitor
• meet your solicitor who must explain the contract fully
• sign contract and return documents to the lender including the Certificate of Title and evidence of insurance
• funds are paid into the bank account you nominate

The average reverse mortgage settlement time is about three weeks from the time of application.