What to Expect with Northwest Reverse Mortgage
We do things a bit differently here at Northwest Reverse Mortgage. Our entire company was created to meet the needs and desires of our aged 55+ clientele. Our systems, procedures, and execution are all tailored to our client’s individual needs. This allows us to offer the exceptional service our clients deserve.
When you apply for a reverse mortgage with us, we will need to review some of your basic information and collect some documentation for our process. This documentation will be reviewed by our staff and our lenders to qualify you for the reverse mortgage. To best prepare for your reverse mortgage, it is important to have these documents ready and available to provide to your loan officer either by mail, email, fax or in person. Please ensure all documents provided are complete, legible and fully intact.
These are the documents we will need from you:
- The signed application documents, including your counseling certificate.
- A legible, currently valid, copy of your Driver’s License, ID card, or passport for all borrowers (including a non-borrowing spouse).
- A legible copy of your Social Security card. Or most recent Social Security form 1099 with Awards Letter, if no Social Security card (can get these at www.ssa.gov under MySocialSecurity)
- A copy of your entire most recent bank statement, showing deposit of social security or other retirement income. Please include all pages, even if they are blank.
- A copy of your current homeowner’s insurance declaration pages or the name, phone number, and email of the current insurance agent.
- A copy of each of your most recent Mortgage Loan Statements for ALL properties owned, not just the property involved in the Reverse Mortgage (Lender requirement).
- Social Security Awards Letter
Please include the following documents ONLY as applicable:
- A copy of the trust (if there is a trust)
- Homeowners Association contact information (if applicable)
- Social Security 1099 (ONLY if no bank statement available)
- Pension Award Letter (if applicable)
- VA Disability Benefits letter (if applicable)
- We do NOT need the tax returns UNLESS claiming rental or self-employment income or had capital gains. Please include all pages, even if they are blank.
- 30 days of most recent pay stubs (if employed)
- Most recent W2 (if employed)
Depending on your loan or home type, there may be additional documents requested from you and as your loan progresses, there may be additional documents or information requested from you later in the process. Providing these documents to us as quickly as possible will help us process your loan in a timely manner. We are here for any questions or if you need any guidance on collecting these documents. Please reach out to your loan officer, processor, or assistant directly with questions about your particular loan.
Our Process Starts With You
The general cadence of the reverse mortgage is as follows:
Step 1: Gather Information
We thoroughly review your financial profile which includes your income, debts, and retirement objectives We will discuss financing options and determine how a reverse mortgage loan fits for your situation.
Step 2: Obtain Counseling
We will provide you with a list of both local and national reverse mortgage counseling companies for you to receive neutral third-party counseling.
Step 3: Take an Application
Once your counseling is complete, we will take an application and collect all supporting documentation. At this point, your file will be assessed for pre-approval. Next, escrow will be opened and a title report requested. Additionally, we will order an appraisal, verification of property tax payments, and homeowners insurance.
Step 4: Underwriting
Your property documentation, along with any other outstanding conditions, will be sent to underwriting for a credit decision. Additional documentation may be requested at this time.
Step 5: Signing
The escrow officer will receive your loan documentation/ instructions from the lender – please allow up to 48 hours for preparation. The escrow officer will contact you for a time to sign your closing documents.
Step 6: Funding
The signed documents will be returned to the lender for review. Funds will be released to the title company for disbursement once all terms have been met. Funds will be used to pay items identified on the Closing Disclosure as approved by all parties in the transaction.
Step 7: Recording
When all funds have been received and disbursed, the title company will record your new lien at the county. CONGRATULATIONS!
If you have e any questions about these requirements or would like to apply for a reverse mortgage loan, please call us at 800-806-1472 or fill out the form on our website here.