How can I draw funds from my reverse mortgage?
With a reverse mortgage, you can borrow against your home’s equity. Depending on your specific loan type, these funds can be sent as a series of regular payments or accessed as a line of credit.
To draw money from your line of credit, you will need to download the Line of Credit Draw Request Form page. All borrowers associated with the reverse mortgage are required to sign this form. For example, if you and your spouse both signed the Note at the time you took out the loan, you must both sign the Line of Credit Draw Request Form. Once you've completed and signed it, you can upload the form once you log into the website. You can also send it by email, fax or mail. You can click Contact Us for our contact information.
Once we receive and review your signed Line of Credit Draw Request Form, and based upon the review of your eligibility, we will disburse the funds within five business days. Sign up for direct deposit to eliminate mail time.
How do I set up direct deposit?
If you'd like to sign up for direct deposit, please complete and submit the ACH Direct Deposit Request Form on the Helpful Forms page. This service is free of charge.
All borrowers associated with your reverse mortgage must sign the form and be authorized signers on the bank account. You will need to mail a pre-printed original voided check with your bank account information along with this completed form.
Please keep in mind that it may take up to ten business days to set up direct deposit.