Northwest Reverse Mortgage: Tailored Services for Clients Age 55+
At Northwest Reverse Mortgage, we pride ourselves on a unique approach designed to meet the needs and desires of our clients aged 55 and older. Our entire company, including systems, procedures, and execution, is dedicated to tailoring services to each client's individual needs, ensuring exceptional service.
The Reverse Mortgage Application Process
When you apply for a reverse mortgage with us, we will review your basic information and collect the necessary documentation. Our staff and lenders will evaluate these documents to determine your qualification. To streamline the process, please have the following documents ready and available for submission via mail, email, fax, or in person. Ensure all documents are complete, legible, and intact.
Required Documents:
1. **Signed Application Documents:**
- Including your counseling certificate.
2. **Identification:**
- A legible, currently valid copy of your Driver’s License, ID card, or passport for all borrowers (including a non-borrowing spouse).
3. **Social Security Information:**
- A legible copy of your Social Security card (you may be able to order it online at http://www.ssa.gov under MySocialSecurity).
4. **Bank Statements:**
- A copy of your entire most recent bank statement showing the deposit of social security or other retirement income. Include all pages, even if they are blank.
5. **Homeowner’s Insurance:**
- A copy of your current homeowner’s insurance declaration pages or the contact information for your current insurance agent.
6. **Mortgage Statements:**
- 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).
7. **Social Security Awards Letter** (you may be able to order it online at http://www.ssa.gov under MySocialSecurity).
Additional Documents (if applicable)
- **Trust Documentation:**
- A copy of the trust, if applicable.
- **Homeowners Association Information:**
- Contact information, if applicable.
- **Pension Award Letter:**
- If applicable.
- **VA Disability Benefits Letter:**
- If applicable.
- **Tax Returns:**
- We do not need tax returns unless you are claiming rental or self-employment income or capital gains. Include all pages, even if they are blank.
- **Employment Documentation:**
If employed, 30 days of most recent pay stubs and the most recent W2.
Additional Information about the Reverse Mortgage Application Process
Depending on your loan or home type, additional documents may be requested during the reverse mortgage application process. Promptly providing these documents will expedite the reverse mortgage application process. For any questions or guidance on collecting these documents, please contact us.
To apply for a loan with us, fill out the form on this page or call us directly at 800-806-1472.
Our Process Starts With You
The general cadence of the reverse mortgage application process 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 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. This is usually a phone call. It's not a test or anything to be nervous about. It is a mandatory step the government requires for your benefit.
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
Upon approval, 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 any questions about the reverse mortgage application process 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.