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A draw request lets you access available funds from your reverse mortgage line of credit when you need them. Depending on your loan setup, funds can be sent by check or deposited directly into your bank account. Any funds you receive through a draw request are added to your loan balance on the date the advance is processed.
 

How to Request Funds

To access funds from your reverse mortgage line of credit, you'll need to complete a Line of Credit Draw Request Form. The form asks for basic information about your loan, including the property address, loan number, borrower details, and the amount you would like to receive.

For your protection, all borrowers listed on the reverse mortgage must sign the form before the request can be processed. For example, if two borrowers are listed on the loan, both signatures are required.

Please note that electronic signatures are not accepted. A new draw request form must be completed and signed each time you request funds. Previously submitted forms cannot be reused for future draw requests.
 

Submission Options

Once completed and signed, the draw request can be submitted through several methods:

• Online

  • Log in to your reverse mortgage account

  • Select My Account

  • Select Online Forms

  • Click the Draw Request button and provide the requested information

• Email: Draw@OnityReverse.com

• Fax: 1-561-682-8821

• Mail: Onity Mortgage, Attn: Mail Stop RSVDR, PO Box 24606, West Palm Beach, FL 33416

Review and Processing

Once your draw request is received, we will review the form and confirm that all requirements are met before processing your request.

In some situations, such as certain unscheduled advance requests, we may ask that your signatures be notarized as an added security measure. If notarization is required, we'll let you know and provide any necessary instructions to help ensure your request is processed smoothly.

Funding Timeline

Once we receive your completed draw request and verify that it meets all requirements, we'll review it promptly. If approved, the funds will be disbursed or a denial notice will be issued within five business days.

If you choose to receive your funds by check, please allow extra time for mail delivery. For faster access to your funds, consider enrolling in direct deposit.

Setting Up Direct Deposit

If you'd like to receive your funds electronically, you can enroll in direct deposit by completing an Automatic Disbursement Request Form. To help protect your account, all borrowers listed on the reverse mortgage must sign the form.

Setting up direct deposit can take up to 2 business days, however new accounts may be subject to a 30 day hold. Direct deposit into your designated bank account provides a convenient and faster alternative to receiving funds by mail. 

Common Reasons for Delays

To help ensure your draw request is processed as quickly as possible, we recommend the following:

• Make sure all required borrowers sign the request form.

• Complete and submit a new draw request form each time you request funds.

• Double-check that all information on the form is complete and accurate before submitting it.

• Keep your contact information up to date so we can reach you if additional information is needed.

• Verify your banking information if you're enrolled in direct deposit to help avoid delays in receiving your funds.

A reverse mortgage draw request gives you convenient access to available funds from your line of credit when you need them. By submitting a complete and properly signed draw request form, keeping your account information up to date, and verifying your banking details, you can help ensure your request is processed as quickly and efficiently as possible.