Form 1009 - Reverse Mortgages-2025

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The document is a Residential Loan Application for Reverse Mortgages, specifically designed for applicants seeking FHA-insured Home Equity Conversion Mortgages (HECM). It outlines the necessary information required from borrowers and co-borrowers, including personal details, property information, loan type, purpose of the loan, and financial disclosures. The application emphasizes the importance of accurate information and includes sections for acknowledgments, agreements, and government monitoring purposes.

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Does tila apply to reverse mortgages?

The TILA-RESPA rule applies to most closed-end consumer credit transactions secured by real property, but does not apply to: HELOCs; Reverse mortgages; or Chattel-dwelling loans, such as loans secured by a mobile home or by a dwelling that is not attached to real property (i.e., land).

What is a 1009 form mortgage?

For the borrowers application, an FHA-insured reverse mortgage (Home Equity Conversion Mortgage or HECM), the lender must use the Residential Loan Application for Reverse Mortgages (Fannie Mae Form 1009).

What loans does TILA not apply to?

What Is Not Covered Under TILA? THE TILA DOES NOT COVER: Student loans Loans over $25,000 made for purposes other than housing Business loans (The TILA only protects consumer loans and credit.)

What federal agency regulates reverse mortgages?

HECM reverse mortgages are backed by the Federal Housing Administration (FHA) and regulated by the U.S. Department of Housing and Urban Development (HUD). They are only available to borrowers who are 62 years of age and older.

What is the dark side of reverse mortgage?

A: If you make payments on your mortgage interest totaling $600 or more in a tax year, the lender is required to mail you a Form 1098. Most reverse mortgage loans do not require borrowers to make prepayments that equal $600 in mortgage interest paid back, thus the 1098 does not apply in most cases.

Are reverse mortgages covered under the Safe Act?

0:00 1:18 Welcome to county office your ultimate guide to local government services and public records letsMoreWelcome to county office your ultimate guide to local government services and public records lets get started our reverse mortgages covered under the Safe Act. And reverse mortgages are not covered

Form 1009 - Reverse Mortgages-2025

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