What form should borrowers fill out when applying for reverse mortgage financing?
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |
Hello Lisa,
In an effort to fully disclose all aspects of the loan, HUD and state lawmakers have introduced numerous forms for borrowers. Unfortunately, rather than simplifying the process, these documents can sometimes feel overwhelming or repetitive.
Some lenders offer an online application that gathers the necessary details to complete FNMA Form 1009, the official HUD application for a reverse mortgage. Alternatively, they may ask you to fill out Form 1009 directly. Along with this application, borrowers must also complete several additional forms and disclosures required by both state and federal regulations.
Reviewing Your Loan Documents
Take your time to carefully read each form. While some details may appear repeated across different disclosures, these documents exist to protect you as the borrower.
If you don’t understand any part of the paperwork, don’t hesitate to:
- Ask questions until you are fully comfortable with the terms.
- Seek help from a trusted source (family member, friend, or attorney).
- Ensure you receive clear and accurate answers before signing anything.
Being informed and asking questions will help you navigate the process with confidence and ensure you fully understand your loan terms.
