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  • Form 1009 - Reverse Mortgages

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Residential Loan Application for Reverse Mortgages This application is designed to be completed by the applicant(s) with the lender s assistance. Applicants should complete this form as Borrower or.

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For the borrower's application, an FHA-insured reverse mortgage (Home Equity Conversion Mortgage or HECM), the lender must use the Residential Loan Application for Reverse Mortgages (Fannie Mae Form 1009).

You continue to own your home and are responsible for property taxes, operating expenses and maintenance. Because you make no payments on the loan, the balance owed increases each month as interest is applied and compounds.

You can verify income through items such as a social security award letter, W2s, or statements from your bank. Before you can obtain a reverse mortgage, you're required to take part in a counseling session with a mortgage counselor approved by the U.S. Department of Housing and Urban Development (HUD).

If you're considering a reverse mortgage, here's what you can expect. Education/Counseling. The first step in the reverse mortgage process is deciding whether the loan is right for you. ... Application Submission. ... Appraisal. ... Underwriting. ... Closing. ... Funding.

Verification that the property is your principal address. — Valid identification. — Verification that the property is your principal address. — Proof of income that shows you have enough money to pay property taxes and homeowners insurance. — Certificate that you have undergone reverse mortgage loan counseling.

What Documents Do You Need For a Reverse Mortgage? Credit check authorization. ... Deed or title. ... Current mortgage statements. ... Home equity loan or HELOC statements. ... Proof of satisfaction of mortgage. ... Property tax statements and receipts. ... Homeowners insurance policy and statements. ... Home maintenance documentation.

Proof of income A reverse mortgage is a loan, so lenders will review your finances before approving you for a reverse mortgage — even though there's no income requirement. This includes proof of all your sources of income, such as job earnings, retirement benefits, Social Security income, and investments.

There will be 2 Notes and 2 Deeds of Trust (or Mortgages). They do not secure a First and Second Lien, the second Note and Deed only secure any advances that HUD may have to make to you after the lender stops and HUD begins.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232