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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How to fill out the Form 1009 - Reverse Mortgages online
Filling out Form 1009, the application for reverse mortgages, can seem complex. However, with clear guidance, you can navigate each section effectively and ensure that all necessary information is provided for a smooth application process.
Follow the steps to complete the Form 1009 online
- Press the ‘Get Form’ button to access the application and open it in the designated editor.
- Begin by selecting the type of mortgage you are applying for in Section I. Indicate whether it is an FHA Traditional HECM, FHA Refinance HECM, or FHA Purchase HECM and complete the associated fields regarding sales contract and borrower’s investment.
- In the same section, provide the FHA case number if applicable, and choose the loan payment plans suitable for your needs, such as Line of Credit or Tenure.
- Complete Section II with your property information. Enter the subject property address, legal description, and check residency type. Provide the year built and estimate the appraised value of the property.
- In Section III, input borrower and co-borrower details, including names, social security numbers, and monthly income. Ensure to detail any alternative contact person’s information if necessary.
- Section IV requires you to list any liens against the property. Enter the creditor name, address, account number, and the unpaid balance. Total these liens at the end of this section.
- Indicate total non-real estate debts in Section V, including any other obligations that you may have.
- Proceed to Section VI and answer the declaration questions honestly. Any ‘Yes’ responses will require further explanation in the continuation section.
- Read and acknowledge the agreements listed in Section VII carefully. Both the borrower and co-borrower must sign and date this section.
- Complete Section VIII for government monitoring purposes by providing optional demographic information as per federal guidelines.
- Finally, review all information for accuracy, save your changes, and download or print the completed form for your records or submission.
Start completing your Form 1009 - Reverse Mortgages online today for an efficient application process.
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Get answers to your most pressing questions about US Legal Forms API.
What is a 1009 in reverse mortgage?
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).
Who is responsible for taxes with a reverse mortgage?
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.
Is there a closing disclosure for a reverse mortgage?
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).
What documents are required for a reverse mortgage?
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.
What documentation do you need for a reverse mortgage?
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.
Who holds the deed in a reverse mortgage?
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.
Does a reverse mortgage require proof of income?
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.
Do you need proof of income for reverse mortgage?
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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