What information do you need for a reverse mortgage case review?
The short answer
Five details are enough for a solid first look: the ages of the client and spouse, the home's approximate value, the mortgage balance, the state, and what the client is trying to accomplish. No names, Social Security numbers, or documents are needed for a case review. The Mortgage Advisory gives financial professionals a written estimate and an honest opinion on whether a reverse mortgage, HELOC, or refinance fits.
What do you need for a first look?
- Ages of the client and any spouse, including a spouse who won't be on the loan
- Approximate home value
- Mortgage balance and monthly payment, and whether the rate is worth keeping
- State (we lend in California, Texas, Florida, and Colorado)
- The goal: remove a payment, create a standby line, fund care, bridge to Social Security, or something else
What's helpful but optional?
- Whether the home is in a trust
- Type of home (single-family, condo, 2–4 units)
- Rough income and whether property taxes and insurance have been paid on time
- Any plans to move in the next few years
- Whether heirs want to keep the home
What should I not send?
No names, Social Security numbers, account numbers, or documents for a case review. If the client decides to move forward, we'll collect what's needed directly and securely.
What do I get back?
- An estimated range of what's available, after paying off any current mortgage
- The main costs, in writing
- A side-by-side with alternatives, like a HELOC, a refinance, or doing nothing
- An honest opinion on fit, including "not a fit"
Our take
Fifteen minutes and five numbers usually tell us whether it's worth your client's time. If it isn't, I'll say so, and that's still a good use of the call.
Ace Ausar, Mortgage Banker · NMLS #1143018
The Mortgage Advisory, Inc. · NMLS #1549739
Reviewed by Ace Ausar, NMLS #1143018 · Updated
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