It’s a home loan that enables you to convert a portion of your home equity into tax-free funds without having to sell your home, give up title or take on a new monthly payment. Instead of making monthly mortgage payments, your mortgage pays you. That’s the “reverse” part of a reverse mortgage.

With a traditional mortgage or home equity loan, homeowners qualify based on their credit history and debt-to-income ratio. They borrow money which requires making monthly payments.

With a reverse mortgage – The mortgage makes payments to the homeowner and there are no income, employment or credit score qualifying restrictions.


  • Owner and any co-owners must be at least 62 years old
  • Home must be your primary residence
  • Must own home free and clear, or the existing mortgage must be paid off with the loan proceeds
  • Educational counseling with a HUD-approved counselor is required

Loan Application 1009

One of the key areas where MortgagePro360 works on is the creation and management of a Chain of Title for its clients. This clearly is the primary element in the Closing Process. We provide Current Owner, 2 Owner.


  • Review all sections
  • Verify borrower info
  • Review of options and costs
  • Check section VIII for completeness
  • Collection of photo identification, proof of date of birth, SSN, 90 day history proof of funds, HOI binders, survey and trust agreements (if applicable)

Disclosures

We generate the following disclosures


  • TIL
  • State
  • Fair lending
  • RESPA servicing transfer
  • Calculation
  • Tax & insurance
  • Reverse mortgage advisor
  • Other

Loan Processing


  • Verify signed, original CD counseling certificate
  • Verify certificate expiry

FHA Connection

In order to deliver high quality appraisal products which meet industry guidelines and ensure long term compliance.


  • Case number assignment
  • CAIVRS clearance
  • Check LDP and EPLS list

Appraisal


  • Reverse mortgage/line of credit endorsement
  • Reverse mortgage trust mortgagor endorsement