Reverse Mortgage Checklist
In general, the documentation you will need includes:
- Picture ID “Of “Each Borrower, such as, Photocopies of drivers License, Social Security Card or Medicare Card.
- Certificate of counseling (Original, signed and dated by borrower prior to application date. A HUD counseling session is required by law before any processing of the loan can take place. This cost must be paid for by the borrower directly to the counseling agency, which is usually paid at closing.
- Mortgage Loan Statements with address and phone number (If Applicable).
- Evidence of date of birth (Of “Each Borrower”) (Birth Certificate).
- Alternative person contact information (1). Need name, address and phone #.
- Evidence of Homeowners Insurance (Declaration Page With Agents Name & Phone Number). Need copy.
- If flood insurance is on the property, we will need a copy of the declaration page from the flood insurance policy.
- No deposit check is required at time of application. However, the appraisal must be paid by credit card at the time the appraisal is ordered.
- Copy of Death Certificate (if applicable).
- A Copy of a Survey (if available).
- Copy of Homeowners Title Insurance Policy if one is available.
- Copy of the DEED is necessary. A copy of a recent Tax Statement would be helpful.
- If the Property is in a TRUST, we need a COMPLETE copy of the TRUST.
The TRUST must be a “Revocable Trust Only”
- Need a copy of the home owners last mortgage statement.
- Need a verification of all income sources. If borrower (s) is employed we will need verification of income from employer.
- Verification of income on any retirement plan, social security, VA disability, pension Plans, or any other form of income that may borrower may be receiving..
- Verification of debts. We must show the length of the debt, the type of debt and the payment history of the debt.
- If the person signing all the documentation is a power of Attorney for the Homeowner (Borrower) a COMPLETE copy of the POWER OF ATTORNEY must be obtained. The Power Of Attorney MUST be a SPECIFIC DURABLE Power of Attorney In addition, a letter from the Homeowners Doctor will be REQUIRED, Stating that the Borrower is NOT competent. However, the Homeowner MUST be residing in the property or in Rehabilitation and returning to the home the Reverse Mortgage will be placed on.
“These materials are not from HUD or FHA and were not approved by HUD or a government agency.”