A reverse mortgage runs on paperwork from the first counseling session to the annual certification you sign years after closing. If you are pursuing a Home Equity Conversion Mortgage (HECM) — the FHA-insured reverse mortgage available to homeowners 62 and older — the required forms fall into five groups: a HUD counseling certificate, the application forms themselves, supporting financial and property documents, any spousal or power-of-attorney paperwork, and the closing instruments that create the lien. Miss one and the file stalls.
HUD Counseling Certificate (Form 92902)
Nothing else in the loan file matters until you have this one. Before a lender can accept your application, you must complete a session with an independent HUD-approved housing counselor who is required to walk you through the costs, risks, and alternatives to a reverse mortgage and tailor the discussion to your specific financial situation.1eCFR. 24 CFR Part 206 – Home Equity Conversion Mortgage Insurance If you are married and your spouse will not be a borrower, the counselor must also explain the deferral-period protections and what your spouse needs to do to remain in the home after your death.
The counselor then issues HUD Form 92902, the Certificate of HECM Counseling, which you both sign and date.2U.S. Department of Housing and Urban Development. Certificate of HECM Counseling Bring your home’s estimated value, any existing mortgage balances, and a picture of your monthly income and expenses so the session produces useful guidance instead of a generic overview.
Documents to Gather Before You Apply
The HUD endorsement checklist requires evidence of the borrower’s age and Social Security number, which in practice means a government-issued photo ID and your Social Security card or award letter.3U.S. Department of Housing and Urban Development. HECM Required Documents for Endorsement Property ownership must be documented with a recorded deed or recent property tax bill, and you will need current statements for any existing mortgages or liens, because those balances get paid off from HECM proceeds at closing. Homeowner’s insurance is mandatory; flood insurance is required if the home sits in a designated flood zone.
The lender also needs to evaluate whether you can keep up with property taxes, insurance, and home maintenance going forward. Expect to provide:
- Income documentation such as Social Security award letters, pension or benefit statements, and bank statements showing regular deposits of those amounts.
- Recent statements for bank, retirement, and investment accounts. Lenders may convert retirement assets into a monthly qualifying-income figure.
- Records showing your payment history on property taxes and insurance premiums.
- Credit report authorization. The lender pulls your report as part of the financial assessment, though there is no minimum credit score for HECM approval.
Gather these carefully. The difference between a clean financial assessment and one that triggers a Life Expectancy Set-Aside — which withholds part of your proceeds to cover future taxes and insurance — can be tens of thousands of dollars in cash you actually receive.4U.S. Department of Housing and Urban Development. HECM Financial Assessment and Property Charge Guide
The Core Application Forms
Two forms make up the application itself, and a third comes into play only for refinances.
The first is the Uniform Residential Loan Application, Fannie Mae Form 1003.5Fannie Mae. Uniform Residential Loan Application It is the same standardized form used for conventional mortgages, capturing your contact information, employment history, declared assets, and debts. The lender uses it as the starting point for the financial assessment.
The second is HUD-92900-A, the HUD Addendum to the Uniform Residential Loan Application, which gathers certifications and information specific to the FHA-insured program that the standard 1003 does not cover.6U.S. Department of Housing and Urban Development. Endorsing a HECM Case – FHA Connection
The third applies only if you are refinancing an existing HECM into a new one. The HECM Anti-Churning Disclosure requires the lender to show you the total cost of refinancing and the estimated increase in your available funds, so you can weigh the expense against the benefit.7Office of Information and Regulatory Affairs. Home Equity Conversion Mortgage (HECM) Anti-Churning Disclosure Fill every field precisely. Inconsistencies between the application forms and your supporting documents are one of the most common reasons underwriting gets delayed.
Non-Borrowing Spouse Certifications
If you are married and your spouse will not be on the loan, this paperwork matters more than almost anything else in the file. An Eligible Non-Borrowing Spouse can remain in the home after the last borrower dies, but only if the right documentation is in place from the start. During counseling, the counselor is required to explain that the non-borrowing spouse must obtain ownership or a legal right to stay in the property for life after the borrowing spouse’s death, and that failing to do so makes the loan immediately due.8eCFR. 24 CFR 206.41 – Counseling
At closing, the non-borrowing spouse signs certifications confirming they meet the qualifying requirements. These are not one-time forms. The servicer must collect an annual certification from any Eligible Non-Borrowing Spouse confirming they still live in the home and continue to meet the qualifying attributes.9U.S. Department of Housing and Urban Development. What Are the Ongoing Requirements for HECM Borrower and Non-Borrowing Spouse Certifications If a divorce occurs, the former spouse loses deferral-period eligibility and the servicer stops requesting the certifications.
Power of Attorney or Conservator Documents
If a borrower cannot attend the closing or manage the application, a durable power of attorney or a legal document appointing a conservator or guardian may be used, and that document itself becomes part of the loan file.3U.S. Department of Housing and Urban Development. HECM Required Documents for Endorsement Get it drafted, signed, and where required, recorded well before your closing date. Correcting a defective POA at the closing table is not a fast fix.
Documents You Sign at Closing
The closing table is where the reverse mortgage becomes a legally binding debt. Several instruments are signed, each with a distinct purpose.
The Promissory Note is your promise to repay the loan. It specifies the interest rate (fixed or adjustable), how interest accrues on your balance, and the events that make the loan due: the death of the last borrower when no eligible non-borrowing spouse remains, sale of the home, or failure to maintain the property or pay required charges.10U.S. Department of Housing and Urban Development. HUD HECM Fixed Rate Model Note You also sign a Second Note in favor of the Secretary of HUD, which secures any payments HUD may make on your behalf under the FHA insurance program.11U.S. Department of Housing and Urban Development. HECM Model Adjustable Rate Mortgage Form
The Mortgage, or Deed of Trust depending on your state, is the instrument that creates the lien against your property. It gets recorded in your county’s land records and gives the lender the right to foreclose if you default. A corresponding Second Mortgage secures the Second Note to HUD. If your property is a condominium or planned unit development, additional riders may be recorded alongside the mortgage.
The HECM Loan Agreement lays out the specifics of your chosen payment plan (tenure, term, line of credit, modified tenure or term, or a single lump sum on a fixed-rate loan) and the initial disbursement limit, with the payment plan details attached as an exhibit.12U.S. Department of Housing and Urban Development. HECM Adjustable Interest Rate Loan Agreement It is the operational document that governs how and when funds flow to you.
The Written Notice of Right to Cancel
Signing at closing does not lock you in. Federal law gives you until midnight of the third business day after closing to cancel the transaction for any reason.13Consumer Financial Protection Bureau. Regulation 1026.23 – Right of Rescission The lender must give you a written notice explaining this right, and the rescission clock does not start until you have received both that notice and all required disclosures.
To cancel, send written notice to the lender or its designated agent. A letter is enough, and the notice is considered given when you drop it in the mail, not when the lender receives it. No funds are disbursed during the rescission period, which is why there is always a short gap between closing and actually receiving your money.
Annual Occupancy Certifications
The paperwork does not stop when the loan closes. Because a HECM requires you to occupy the home as your primary residence, your servicer sends an annual occupancy certification that you must sign and return.9U.S. Department of Housing and Urban Development. What Are the Ongoing Requirements for HECM Borrower and Non-Borrowing Spouse Certifications If you have an Eligible Non-Borrowing Spouse, they file their own annual certification.
Ignoring the form can trigger a default investigation even if you still live in the home, and servicers may verify occupancy independently through mail checks, inspections, or public records. If a borrower is absent from the property for more than 12 consecutive months due to physical or mental illness and no other borrower remains in the home, the lender can call the loan due.10U.S. Department of Housing and Urban Development. HUD HECM Fixed Rate Model Note The certification takes a few minutes. The consequence of skipping it does not match the effort involved.