What form should borrower fill out when applying for reverse mortgage financing?By Lisa on 01.12.2019
Some lenders have an online application form that requests all the information that allows them to complete the FNMA form 1009 or they could ask you to just fill out the 1009 application itself, but this is the application HUD uses for the Reverse Mortgage. In addition, though, there are several other forms and disclosures that go along with the application that borrowers must complete for the loan. In their effort to try to disclose every possible facet of the loan, HUD and state lawmakers have added many forms for borrowers that often confuse more borrowers than it helps.
However, if you just take your time and read each form, you will see that even though some of the content may be repeated in multiple forms between the state and federally required forms, the disclosures are there to protect you so don’t be afraid to ask questions if you don’t understand any of the forms and don’t be afraid to seek help from a trusted source (family, friend, attorney) if you don’t feel as though you are getting a complete or accurate answer to your questions.