Documents to Apply For a Reverse Mortgage
A reverse mortgage loan converts real estate equity into spendable cash for homeowners 62 and older that are qualified borrowers. A reverse mortgage may be a great choice for retirees or those planning their retirement as the loan offers them the opportunity to stay in the comfort of their home (unless they default on the loan, in which case they may face foreclosure) while also reducing their monthly mortgage payments and increasing their cash income. It is important to note that, with this type of loan, borrowers are still responsible for paying their property taxes and insurance.
Before you can apply for a reverse mortgage, you need to gather some essential documents to submit with your application. In this blog post, the mortgage loan officers at Hartford Funding LTD go over what you need to apply for a reverse mortgage:
1. Personal Identification Documents
The first set of documents you need for a reverse mortgage application is personal identification documents such as a driver’s license or passport. These documents will be used to verify your age and confirm your identity.
2. Property Information
You also need to provide documentation regarding your property. This includes proof of ownership, insurance coverage, and tax records. You should also inform your reverse mortgage lender if you have any second mortgages, liens, or judgments against your property.
3. Financial Documents
You need to provide financial documents showing your income, expenses, and any outstanding debts. Your lender will want to see your bank statements, retirement account statements, credit card statements, and any other outstanding debts you have. You should also provide proof of income from Social Security, pensions, or other sources of income.
4. Authorization Forms
You will also need to sign and submit several authorization forms that give your lender permission to pull your credit report and obtain information from third-party sources.
5. And More
When you speak with a mortgage loan officer, they will advise you of any other documents needed for you to complete your loan application and further guide you through the process.
To learn more about reverse mortgages and to see if you qualify, contact the mortgage loan officers at Hartford Funding LTD.
If you’re looking to apply for a reverse mortgage on Long Island, consider turning to Hartford Funding LTD. We will patiently work with you to offer all the information needed to determine if a reverse mortgage is right for you and then guide you carefully through every step of the application process.
To learn more about our services and schedule an appointment with our mortgage loan officers, call us at (516) 595-7646 or visit our website.