Mortgage Checklist

The following information is usually required during the home loan process. Additional documentation may be needed.
 

  • Signed and dated counseling certificate
  • Clear copy of state picture ID
  • Clear copy of Social Security card or 1099
  • Clear copy of all current mortgage statement(s) including any second mortgages or HELOCs
  • Homeowner’s insurance declaration page
  • Flood insurance declaration page (if applicable)
  • Current property tax statement
  • Copy of full trust and/or Power of Attorney
  • Most-recent Social Security and/or disability awards letter (if applicable)
  • Most-recent consecutive paystubs covering a 30-day period (if applicable)
  • Most-recent two years’ W-2s and/or 1099s (if applicable)
  • All pages of most-recent two years’ tax returns, including all schedules (if applicable)
  • Any additional income documentation (if applicable)
  • All pages of most-recent two months’ bank statements (if applicable)
  • Most-recent statement for any retirement/investment accounts (if applicable)
  • Copy of Solar Lease (if applicable)

HECM FAQs

How do I qualify for a HECM?

You must be at least 62 years old, occupy the home as your primary residence, meet credit and income guidelines, and have a mortgage balance that can be paid off with the HECM.

What kind of properties qualify for a HECM?

Because a HECM is an FHA loan, your home must meet FHA standards. As far as type of property, it can be:

  • A single-family home
  • A 2-4 unit home
  • An FHA-approved condominium unit
  • A manufactured housing unit (on a permanent foundation)

Do I make mortgage payments?

Monthly mortgage payments are not required with a HECM. However, you must keep paying your property taxes and homeowners insurance, and keep the home in good condition.

Why do I have to complete mortgage counseling?

Mortgage counseling was added to the HECM process as a consumer protection. It’s designed to help you decide if a HECM is right for you, and it’s available at low or no cost.

When does the HECM have to be repaid?

The loan must be repaid when the last borrower passes away, sells the house, or moves out.

HECM Videos

  • Misconceptions about HECM

    We break down the biggest myths and misconceptions about HECM.

     

  • Are you 62 or Older?

    Learn more about getting a HECM if you're 62 or older!

     

  • The Difference Between HECM and Reverse Mortgage

    There are a few key differences between a HECM and Reverse Mortgage. Find out which one is best for you.

     

  • HECM For Purchase

    Did you know you can use a Home Equity Conversion Mortgage for a Purchase loan?