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What is on a Reverse Mortgage Application?

If you are applying for a federally insured reverse mortgage, which most reverse mortgages today are insured by the Federal Housing Administration, you’ll be required to meet with a reverse mortgage counselor before you can start the loan application process. The counselor will help you understand reverse mortgages, whether or not you qualify, alternatives to reverse mortgages, and how much the reverse mortgage will cost you. A loan originator can provide a list of counselors for you to choose from. Once you’ve met with a counselor and have determined a reverse mortgage is right for you, it’s time to start the application process.

From start to finish, the application process for a reverse mortgage typically takes about 30-45 days. The application legally authorizes the lender to begin the applications process, but is not binding and can be canceled at any time during the process.

Type of Mortgage, Loan Terms

The application begins with questions about the type of mortgage you are applying for, and the loan terms. For example, are you applying for a Home Keeper (Fannie Mae) or an HECM (FHA) loan? You’ll also need to select the loan proceeds payment plan (how you will be receiving the loan proceeds) — either a line of credit, term, modified term, tenure, or a modified tenure. You’ll also specify the interest rate amortization type, either ARM, fixed rate, or other.

Property Information

The next section on the reverse mortgage application asks for the subject property’s address, physical description, and the names the property title is held. Borrower will also answer questions like year built, estimated appraisal value, and type of residence.

Borrower Information

Both the borrower and co-borrower, if applicable, will provide personal information such as name, social security number, monthly income, value of real estate assets, value of available (liquid) assets, phone, address, marital status, and years of residence at the subject property.

Liens Against the Property

In this section, the borrower will list creditor’s names, addresses, and account number for all liens against the property. The total unpaid balance of these property liens should be totaled and entered in the space provided.

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Total Non-Real Estate Debts

Here is where the borrower will list all personal liabilities like credit card debts, car loans, personal loans, etc.


These are questions that must be asked of each borrower to help the loan originator determine a borrowers qualifications for the reverse mortgage loan, and gauge any potential risks. This section includes questions like: Are there any outstanding judgments against you? Have you filed for any bankruptcy that has not been resolved? And Are you a co-maker or endorser on a note?

Acknowledgement and Agreement

This is the section where the borrower certifies that the information provided is factual. Borrower and co-borrower will be asked to sign and date the acknowledgement.

Information for Government Monitoring Purposes

This is the final section of the reverse mortgage application. Borrowers are not required to furnish the information, but are encouraged to. This information is requested by the Federal Government for certain types of loans related to a dwelling in order to monitor the lender’s compliance with equal credit opportunity, fair housing and home mortgage disclosure laws.

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.