Standard Documents in Reverse Mortgage Application

• Appraisal Fee Deposit Disclosure: Lets you know the fee for the appraisal is an expense incurred by the borrower and is typically non-refundable.
• Appraisal Fee Authorization Form: Gives lender authorization to use your credit card for appraisal payment
• 1009 Residential Loan Application for Reverse Mortgages: (3 signatures) is a specialized form used to apply for reverse mortgages, collecting borrower information, property details, and loan specifics. It ensures eligibility requirements, such as age and primary residence status, are documented, along with compliance items like HUD counseling completion
• Addendum to Residential Loan Application: (Fannie Mae Form 1009) (3 signatures) is a supplement to the standard loan application, specifically designed for reverse mortgages. It captures additional details like borrower eligibility (age 62+), property qualifications, loan type, and confirmation of HUD-approved counseling to ensure compliance and borrower understanding.
• HUD/VA Addendum to Uniform Residential Loan Application: Identifies lender and borrower and loan terms. Certifies the lender will act in accordance with all federal laws in completing this loan. Notifies borrower that lender will be collecting information i.e. credit, social security, liens, judgments etc. Borrower will occupy home as principal residence and has not sold another property with FHA in last 60 days, that the information provided is true, accurate and complete.
• Schedule of Real Estate: Acknowledges if you have additional properties and/or mortgages.
• Borrower’s Acknowledgment of Receipt of GFE and Other Disclosures: Acknowledges that you have received the Good Faith Estimate
• Notice of Intent to Proceed with Loan Application: Confirms your decision to move forward with the loan process and specifies the loan service providers you have chosen to work with.
• Reverse Mortgage Comparison of Loan Products: Compares reverse mortgage programs and financed closing costs to the borrower.
• Total Annual Loan Cost Rate: Shows the true interest cost of obtaining a reverse mortgage based on interest rates, length of loan, and disbursal of funds. The basic premise is that the longer you keep a reverse mortgage the lower the true cost.
• List of HUD Approved Counselors: Provides a list of counselors that were included in your proposal.
• Amortization Schedule – Annual Projections: Provides estimates of how the loan balance may grow over time based on assumptions like the interest rate and home appreciation rate, while also illustrating the potential growth of the line of credit
• Application Truth in Lending Disclosure | Important Terms: Provides key details about the reverse mortgage program, including when the loan becomes due and payable and conditions under which the line of credit may not be extended. It also explains the non-recourse provision, which limits your liability to the net sale proceeds of the property, ensuring no personal liability or deficiency judgment against you or your estate.
• Settlement Service Provider List: Offers a list of providers for required settlement services, including those you may choose to shop for.
• Required Providers: Estimated charges for settlement services of various third-party service providers that we may require you to use.
• Borrower’s Certification and Authorization: Confirms that you are applying for a loan, certifies the accuracy of the information provided, and authorizes the lender to obtain necessary details such as credit history, income, and payoff information to process your loan.
• Patriot Act Information Form: Verifies your identity as required by federal law, ensuring compliance with the USA Patriot Act to prevent fraud, money laundering, and terrorist financing. It collects information such as your name, address, date of birth, and government-issued identification.
• Alternative Contact: List the person who may be contacted if we cannot reach you by phone or mail.
• General Disclosure Summary: This document summarizes 17 general borrower acknowledgments, including your agreement to pay fees (such as courier and appraisal fees), property occupancy certification, flood insurance requirements, credit reporting authorization, and limits on personal liability. It also covers key protections under federal laws, including the Patriot Act, Equal Credit Opportunity Act, and Fair Credit Reporting Act, as well as your rights regarding property taxes, insurance payments, and receiving appraisal reports.
• Lead Based Paint Certification: States that if your house was built prior to 1978, it may have lead based paint. It also makes you aware of the dangers possible if you had children under the age of seven as permanent residents in your house with any possible lead-based paint
• Home Equity Conversion Mortgage Consumer Protection Measures Against Excessive Fees: Ensures borrowers are protected from paying unnecessary or excessive fees. The lender will cover specific costs at closing, such as taxes or liens, but will not pay any third-party “finder’s fees.
• Reverse Mortgage Advisor Disclosure: Allows you to list a trusted advisor who you spoke to or consulted in your decision to obtain a reverse mortgage.
• Servicing Disclosure Statement: This statement describes whether the servicing of this loan may be transferred to a different loan servicer.
• Request for Information Concerning the Borrower’s Intent to Purchase an Annuity: Confirms whether the borrower intends to purchase an annuity using proceeds from the reverse mortgage, ensuring compliance with regulations and borrower protections.
• Reverse Mortgage Repair Acknowledgment | Frequently Asked Questions: Provides details on how property repairs required for a reverse mortgage are identified, managed, and completed as part of the loan process.
• Authorization for the Social Security Administration (SSA) To Release: Permits the lender to verify your name and Social Security number directly with the Social Security Administration.
• Acknowledgment for Electronic Communication: By providing consent, you allow the lender to share loan-related information electronically with you and necessary third parties, such as appraisers, credit agencies, and title companies, to process, close, and service your loan.
• Right to Receive a Copy of an Appraisal: You are entitled to receive a copy of your property appraisal at least three business days before closing. You can choose to receive it via email, USPS mail, or waive the review period and receive it at closing.
• Verification of Occupancy: Certifies that you own and occupy the subject property.
• Request for Verification of Insurance Payments: Authorizes the lender to contact your homeowner’s insurance company to confirm your payment history.
• HECM Program Description Disclosure: Confirms that the HECM program has been clearly explained to you and that you understand its features, including options like the line of credit, monthly payments, lump sum, and fixed or variable interest rates.
• Authorization to Obtain Credit Report: Grants the lender permission to request and review your credit report for loan processing, approval, and servicing purposes.
• Borrower Consent to The Use of Tax Return Information: Acknowledge and agree that the Lender and other Loan Participants can obtain, use and share tax return information for lawful purposes regarding the obtaining of the reverse mortgage loan
• ECOA/GMI/Fair Lending Notice: Explains your rights under the Equal Credit Opportunity Act, which prohibits lending discrimination, and collects optional Government Monitoring Information to ensure fair lending practices.
• Unmarried Borrower Certification: Unmarried Borrower Certification: Confirms you are not married and understand that the HECM loan does not protect a future spouse from the loan becoming due.
• Notice to Reverse Mortgage Borrowers – Collateral Risk Assessment: HUD may require a second appraisal for your HECM loan. If needed, the lower appraisal value will be used, and an additional fee will apply. This may slightly delay the process, but we will keep you updated
• Credit Card Authorization Form: Authorizes the lender to charge your credit card for specific fees related to your reverse mortgage, such as appraisal or counseling costs
• No Additional Debt Certification – Application: Certifies that all existing consumer debts are listed on the loan application and confirms that no new applications for additional debt have been made since applying for the reverse mortgage.
• Borrower Certifications and Authorization: Confirms you are not on any other HECM loan, chose your counseling provider independently, understand the consequences of title removal, and received the required NCOA booklet to review before counseling.
• Authorization to Release Mortgage Payoff Information: Allows the lender to share mortgage payoff details as needed to complete the loan closing. For equity loans, the account will be frozen and closed upon payoff.
• Expected Rate Lock Agreement: This agreement lets you lock or re-lock the Expected Interest Rate (EIR) for your HECM loan, which helps set your loan amount. The rate can be locked for 120 days, with an option to extend for another 120 days. If no lock is chosen or the loan doesn’t close in time, the rate at closing will apply. No fees are charged for this service.
• Choice of Insurance: Lenders can require property insurance to protect the loan but must allow borrowers to provide their own coverage with proof.
• Applicant Compliance Agreement: You agree to cooperate in signing updated loan documents if requested during the loan process. This does not obligate you to proceed with the HECM loan.
• HECM Counseling Acknowledgment: Confirms you received a list of HUD-approved HECM counseling agencies, including local and telephone options, and that the lender did not recommend or steer you to any specific agency
• Agreement to Pay Courier Fees: You agree to cover any courier or overnight fees needed to deliver closing documents and send payoffs to lien holders for your reverse mortgage.
• Fee Disclosure: Fees paid to the lender are refundable if the loan isn’t completed, unless the delay is caused by your actions or lack of information. Third-party fees, like credit reports or appraisals, are nonrefundable unless overpaid or if the service wasn’t performed.
• Adverse Implications Disclosure: If you choose a term reverse mortgage with limited disbursements, your lender will review your financial situation and explain the risks of not having alternative funds when the loan advances end.
• Addendum to Loan Application: Confirms whether you are in a registered domestic partnership or civil union, either in your current state or another state, or not involved in one.
• Variable Rate Mortgage Disclosure: This loan has a variable interest rate based on the 1-year CMT index plus a margin, which may change monthly or annually. Rate changes are limited to 2% per adjustment and 5% over the life of the loan. Higher rates can increase costs and your loan balance. By law, you must also be offered a fixed-rate mortgage with competitive terms.
• Wire Fraud Alert: You are confirming that you understand the risks of wire fraud, will verify wire instructions with your Closing Agent using trusted contact information, and know that Mutual of Omaha Mortgage, Inc. will never send wire instructions.
• Borrower’s Authorization to Release Information: You authorize the lender or settlement partner to verify and request information related to your loan application, including credit history, account balances, and income documentation. This authorization may be shared with any relevant party, and a copy is as valid as the original.
• Life Expectancy Set-Aside Disclosure: Explains that a portion of your reverse mortgage funds may be set aside to cover future property charges, such as taxes and insurance, based on your life expectancy. This helps ensure you can meet loan obligations and avoid default.

This signature summary is for convenience use only and not a legal representation of any lender or promise of loan approval.