The Reverse Mortgage Application Process

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.

Roadmap

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. 

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© 2019 Northwest Reverse Mortgage, LLC
Powered by Amerifund Home Loans Inc. NMLS #347051

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Number:
Office: (800) 806-1472
Toll Free: (800) 806-1472
Fax: (541) 253-4370

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Contact Us

Northwest Reverse Mortgage
13220 SE 172nd Ave
Ste #172
Happy Valley, OR 97086
Phone: (503) 427-1667

Northwest Reverse Mortgage, LLC BBB Business Review

Northwest Reverse Mortgage powered by Amerifund NMLS #347051. Equal Opportunity Mortgage Broker. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.