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Checklist of Items Needed

Applying for Your Reverse Mortgage: What You'll Need

Please gather the documents (originals or copies) you will need to provide to apply for a Reverse Mortgage. Your prompt return of the indicated items will help us expedite your transaction. Your file will be reviewed by our processor, at which time additional information may be requested.

Required Items on All Loans

  • Counseling Certificate signed by both Counselor and borrower
  • Tax Bill for the most recent year – on all properties owned in the last 24 months
  • Homeowners Insurance contact information – on all properties owned in the last 24 months
  • HOA/PUD/Condo contact information – on all properties owned in the last 24 months
  • State Issued Driver’s License or ID card not expired
  • Social Security Card or 1099/W2 with complete Social Security number
  • Current copy of your mortgage statement (and HELOC) if you have any mortgages

Income Documentation

Social Security

  • Most recent SS Benefits Letter (Award's letter)
  • Prior year 1099 from SS

Pension/Retirement Income

Pension verification letter stating how long benefit will last and monthly benefit amount or value of settlement

If Employed

  • Most recent 30 days’ pay stubs
  • 2 most recent years of W2s

If Self-Employed

  • 2 most recent years personal and business tax returns (all pages)
  • YTD P&L for Schedule C Income
  • YTD P&L and Balance Sheet for Schedule E Income (except rental income)

Assets Needed / Cash to Close

  • 2 Most recent months of bank statements in borrower’s name, with all pages (even if blank)
  • Deposits over $500 will need to be sourced and provide a paper trail

Letters of Explanation for Credit

  • Letter of explanation for derogatory accounts on credit report – all lates in the last 24 months may subject file to LESA
  • Letter of explanation for all credit inquiries in the last 90 days (if applicable)
  • Letter of explanation for all additional addresses on credit report

Purchase Items Needed (if applicable)

  • Purchase contract with all pages and executed by all parties
  • Canceled earnest money check (front and back) and bank statement to show it cleared
  • Home Inspection: if listed on contract we must provide; all safety repairs must be fixed
  • Amendatory Escape Clause and Real Estate Certification must be signed by all parties
  • Letter of intent for current residence (selling it and using for down payment or keeping property)