Tom MacDonald - Reverse Mortgage Consultant

     

 

 

 

 

       Reverse Mortgage Consultant

      Tom MacDonald

 

       707-265-6385      800-801-5727   The Best Reverse Mortgage Website in the U.S.*

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Likely Items Needed At Time Of Reverse Mortgage Application

 

This is a typical list of the documents lenders may ask for at application or sometime during the processing.  A good originator will ask for those they know are needed by their lender at the time they take the application.  It makes the whole system run smoother.

Some lenders ask for some money upfront.  This is usually applied to the appraisal.  Some lenders ask you to pay the appraiser when they come to your home.  Other lenders pay the appraiser and charge that to you in the closing costs.

ORIGINAL Certificate of Borrower Counseling

Photocopy of the following:

  • Most lenders will ask for a copy of your trust (if you have a trust).  Others may be able to use a ‘trust certification’.
  • Power of Attorney (if someone will be signing for you)
  • Property Insurance (Homeowners or Fire & Hazard Policy) Declaration Page.  This is the page that recaps the coverage, cost, policy number and name and phone number of the agent.
  • Copy of latest mortgage statement (if you have a mortgage or equity loan/line)
  • Driver’s License or other government picture I.D. for each borrower (legible and enlarged if possible) that is currently valid.  Lenders may be able to work around this requirement if you have none.
  • Social Security Card or Medicare Card for each borrower (enlarged if possible).  Again, lenders may be able to work around this if you cannot find yours.
  • Recent Property Tax Bill.  Again, lenders are able to work around this if you cannot find yours.
  • If you are purchasing a property with a reverse mortgage, you will be asked for the last two months of statements that show you have liquid assets to make the down payment.  Or if you are refinancing your current home and need to bring money to closing to make up for a large mortgage that can't be completely paid off with a reverse mortgage, you will be asked for the last two months of statements that show you have liquid assets to make up the difference between your existing mortgage(s) and the amount available in a reverse mortgage.
  • If you are purchasing a property, you will also need a copy of the purchase contract.
  • As of April 27, 2015, Income, Expense and Credit information will be required.
    • Income - All the types of documentation of a regular mortgage.  Paper documents recapping Social Security, Pensions, Employment Income, Investment Income and/or Tax Returns.
    • Expenses - Revolving and Installment payments will be pulled from a credit report.  You will have to prove you have paid Property Taxes and Homeowners Insurance and HOA dues (if applicable) on time for the past 24 months.
    • Credit - A credit report will be pulled.  If you don't have established credit, there are alternative procedures.
       
      Additional Information:
      You will be asked for the name of a contact to use after the reverse mortgage is set up in case the lender is unable to contact you.  This can be a relative, friend or neighbor.
       
      Name: ___________________________________________________
       
      Address: _________________________________________________
       
      City, State, ZIP: ___________________________________________
       
      Phone number: ____________________________________________

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