Checklists

We have included two checklists in this guide – one to help you apply for a reverse mortgage, and one to help ensure the closing process goes as smoothly as possible. Note that these checklists are very different from what you would need when applying for or closing on a conventional loan or any other type of FHA loan.

Loan Application Checklist

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  • Valid driver’s license or state-issued ID card

  • A copy of your Social Security card

  • Proof that the home is your primary residence (utility bills, etc.)

  • A copy of your Social Security Awards Letter (if applicable)

  • A copy of the declaration page in your homeowner’s insurance policy and the agent’s name and contact information

  • A copy of your property tax receipt showing that it has been paid

  • A copy of your title/deed

  • Proof of mortgage satisfaction (if applicable)

  • A statement from your current mortgage lender (if applicable)

  • Your Reverse Mortgage Counseling Certificate (must be an original)

  • Two months’ worth of bank statements

  • Additional proof of income to prove that you can pay for insurance, taxes and maintenance

  • Copies showing all financial assets, including retirement accounts, annuities, savings accounts, etc.

  • Copy of your spouse’s death certificate (if applicable)

  • Copy of durable power of attorney (if applicable)

  • Copy of trust agreement (if applicable)

  • Copy of conservatorship agreement (if applicable)

Note that you may not be required to provide all documents to your lender. The lender will explain everything they need.

Closing Checklist

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  • A copy of your contract with the lender

  • Valid driver’s license or state-issued ID card

  • A copy of your Social Security card

  • Copy of your spouse’s death certificate (if applicable)

  • Copy of durable power of attorney (if applicable)

  • Copy of trust agreement (if applicable)

  • Copy of conservatorship agreement (if applicable)

  • A copy of your Social Security Awards Letter (if applicable)

  • Proof of current homeowner’s insurance

  • Copy of your appraisal and inspections

  • Proof that any required repairs were made

Note that most of these have already been taken care of during the application process. However, your closing agent, attorney, notary or even your lender can explain exactly what will be required to bring to the closing. Remember that you have three business days after closing to change your mind about the reverse mortgage. Use this time to think carefully. Your funds will only be disbursed after your three-day right to rescind is over.