Revese Mortgage Loan Checklist

The following checklist of items is to have the loan ready to go to the underwriting department.

Counseling Certificate – Must be signed by the counselor and by each borrower

Loan application for Reverse Mortgage Loans

The loan application will be done over the phone after the counseling has been completed and the certificate has been issued.


  1. Copy of Drivers License
  2. Copy of SS (Social Security) Card

Income documents:

  1. Social Security Award Letter for each borrower (Most recent years award letter)
  2. Other sources of Income documents may be needed subject to your budget and cash flow.


  1. Bank statements (all pages even blank pages) – Two months of all pages of bank statements.
  2. The following may be needed only in certain instances.
  3. Other Asset accounts – (401K, Pension Plan, Annuities, Savings, etc.)

Trust Documents (If planning on putting your home in a Trust)

Power of Attorney (If being used)

Nearest Living Relatives

  • Need the information for two (2) nearest living relatives
  • Full Names, Tel #’s, addresses, email addresses

Mortgage Statement from current mortgage Loan(s) (if applicable)

Unpaid balance of your current loan?

Death Certificate (Of spouse – if applicable)

Property Taxes – Copy of most recent property Tax statement

Home Owners Insurance

  1. Copy of your home owner’s insurance policy
  2. Insurance Agents contact information


The following info / docs is needed for the FHA Mortgage Insurance / premium

  1. If you have a current Reverse Mortgage Loans, we need to know the following:
  1. FHA case number of your current loan – (this can be found on one of two documents; 1) Note & 2) Deed of Trust
  2. Copy of your current mortgage statement

Credit Report Authorization

Letters of Explanations – We will help with this after we pull your credit.

If you have had a Financial Hardship

If you haven’t been able to make any of the monthly or annual payments on your home owners insurance or property taxes or HOA dues in the past 24 months.

Hardship documentation

  • Proof of Hardship – Documentation of hardships you have been through.
  • If you have major medical expenses or another type of immediate hardship, or if your expenses and debt payments are more than your income, you may not have to pay a counseling fee, or you may be able to pay it out of the proceeds of your reverse mortgage loan, but you’ll need to provide proof of your hardship.
  • Letter addressing your hardship of why your
  • 1) Original Note Loan Amount
  1. Credit Inquiries
  2. Explanation of all Addresses showing on your credit report


If you live in an HOA, contact information for the HOA presidency