Get Form 1009 - Reverse Mortgages

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

1. Press the ‘Get Form’ button to access the application and open it in the designated editor.
2. 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.
3. 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.
4. 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.
5. 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.
6. 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.
7. Indicate total non-real estate debts in Section V, including any other obligations that you may have.
8. Proceed to Section VI and answer the declaration questions honestly. Any ‘Yes’ responses will require further explanation in the continuation section.
9. Read and acknowledge the agreements listed in Section VII carefully. Both the borrower and co-borrower must sign and date this section.
10. Complete Section VIII for government monitoring purposes by providing optional demographic information as per federal guidelines.
11. 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.