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Needed Documents
We want our clients to be educated about the program before they go to Counseling and certainly prior to completing the loan application. However, many “over the phone” lenders want you to complete the loan application before you’ve attended the Counseling session. They do this because many people will feel committed to the lender at that point. It is a subtle tactic, but certainly being done intentionally. We feel that you should not disclose your Social Security number and other sensitive information with a faceless person you only just met over the phone. This is a big decision and your chosen lender should have earned your trust prior to gathering private data and not strong-arm you into proceeding.

However, once you understand the HECM program and have completed the Counseling process, you’re ready to apply! We will complete the HECM Application for you. It doesn’t take long, but we’ll need your help filling in the blanks. When you’re ready to sign the completed application package, we’ll need to make copies of other documents used during the processing of the loan.

The compiled list below is our “wish list”. Rarely does someone provide everything, but the more thorough we are at the beginning, the faster and smoother the process will be. But, if you don’t understand what is needed or are unable to provide some documents, just talk to us… we can help.

Needed Documents

  • Counseling Certificate
  • Driver’s License or State issued ID
  • Social Security Card, Medicare card or a 1099 (as proof of SS #)
  • This year’s Social Security Award Letter
  • Pension Award Letter (or other proof showing it will continue for 3 years)
  • Bank Statements where SS income and any Pension income are auto-deposited (all pages required)
  • Recent pay stubs or other proof of income (if applicable)
  • Last year’s tax 1099 (or W-2’s) for Social Security, Pensions or other income
  • Other Asset or Bank Statements (again, complete) for the past 2 months
  • Most recent mortgage statement (if applicable)
  • Home Owner’s Declarations page or Agent’s contact info
  • Survey / ILR (Improvement Location Report) – if it can be reused, it’ll save you a couple hundred bucks
  • Title Insurance Policy (issued when home was purchased) – it may earn you a discount w/ the Title Co.
  • Credit Card or check for appraisal

All rules have their exceptions, so depending on your transaction, additional information may be needed.

Other documents that may be needed

  • 2 year’s complete Federal Tax Returns
  • Trust Documents
  • POA Documents and Letter from an M.D. (we can give you a sample of what it needs to say)
  • Death Certificates (if anyone currently listed on Title has passed)
  • Property Taxes, Insurance and a Mortgage Statement on other real estate owned
  • Current FHA Mortgage and Note (if your current mortgage is backed by FHA)
  • Divorce Decree or a MSA if alimony or other benefit is needed
  • A Letter of Explanation for “outside the box” situations