Frequently Asked Questions

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Frequently Asked Questions

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Our Customer Service agents look forward to assisting you by phone, email, fax or mail. 

Phone: 1-866-503-5559
Email: CustomerAssist@PHHReverse.com
Fax:  561-682-8644

General Mail
PHH Mortgage Services
P.O. Box 24606
West Palm Beach, FL 33416

Overnight Mail
PHH Mortgage
Attn: 24606
5720 Premier Park Drive
West Palm Beach, FL 33407

You can send a notice of error, request for information, or qualified written request to the address below.

PHH Mortgage Services
P.O. Box 24645
West Palm Beach, FL 33416

You can send any general written correspondence to the address below.
 
PHH Mortgage Services
P.O. Box 24606
West Palm Beach, FL 33416

Each month, you will receive a Reverse Mortgage Statement. It includes the current interest rate, your loan balance and your available funds. You can review your statements in the My Statements section of this website. Click here to login and get started. 

Yes, per your loan agreement, interest accrues on your loan balance. You can find the interest rate on your monthly statement. You can review your statements in the My Statements section of this website. Click here to login and get started. 

If you're having trouble logging in and need to reset your password, click here. Make sure the new password is at least 8 characters long and contains one uppercase letter, one number, and one special character.

Once you are logged in, you can also go to your My Profile page and click on the Passwords tab to change your password anytime. 

We are here to help. Our specialists will review your situation and determine the best available option for you. Please Contact Us.

Please review the Loss Mitigation Information Packet in the Helpful Forms section for additional information.

You can always contact a HUD counselor free of charge. To obtain a list of HUD-approved counseling agencies in your area, contact HUD by mail, phone or on their website.  

Mail
451 7th St. SW
Washington, DC 20410

Toll-free: 1-800-569-4287 Ext. 451

Website: Apps.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm

FOR NEW YORK RESIDENTS: Information on the availability of housing counseling services can be obtained by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at www.dfs.ny.gov.

A reverse mortgage is a loan that allows you to access a portion of your home equity without having to make monthly mortgage payments. With this type of loan, you maintain the title to your home. The loan typically becomes due when the last borrower(s) permanently leave the home or the borrower(s) fail to meet the loan obligations. You’ll never repay more than the appraised value of your home when the loan comes due, so long as the home is sold to repay the loan.

To pay off the loan balance, you or your heirs can sell the home or you can pay the loan balance and keep the home.

You should first contact the loan servicer to notify them that the borrower(s) have passed away. You can typically find the servicer’s contact information on the monthly statement. Once the loan servicer has been notified, they will help you (the heirs) with next steps.

FHA authorized a servicing fee to be applied to your loan balance each month, if applicable. This fee pays the cost of servicing your loan. This can include processing payments to you, monitoring proof of taxes and insurance, processing required FHA Annual Occupancy Certifications, answering your questions and providing you with any necessary additional documentation. The monthly fee is fixed for the life of the loan. The fee is subtracted from your "Servicing Fee Set Aside" each month and applied to your loan balance. You can find the balance of the Set Aside in your monthly statement. It is excluded from your available funds. You can review your statements in the My Statements section of this website. Click here to login and get started. 

The Mortgage Insurance Premium (MIP) is an FHA required fee paid directly to the FHA. The MIP guarantees that you will have continued access to your available funds should the company managing your reverse mortgage account become insolvent. 

There are two types of MIP: initial MIP and monthly MIP. 

Initial MIP is charged at loan closing. It is a percentage of your maximum claim amount. You can find the exact fee amount on your HUD-1 Settlement Statement which you received with your loan closing documents.

Monthly MIP is added to your loan balance each month. You can find your monthly MIP rate on your monthly statements. It is determined by your specific loan type. At the end of each month, the previous loan balance is multiplied by your MIP rate, then divided by 12 to determine the MIP monthly periodic rate.

Yes, if your loan product type allows for it. Please call us at 1-866-503-5559. We can review your loan to see what options are available to you. 

Keep in mind that if a change of plan is approved and implemented, a $20 service fee will be charged to your account.

Yes, if your loan product type allows for it. Please call us at 1-866-503-5559. We can review your loan to see what options are available to you. 

Keep in mind that if a change of plan is approved and implemented, a $20 service fee will be charged to your account.

We must receive your signed authorization form by the 25th of the current month. We will review the request and, if it's approved, it will  become effective the first of the next month.

If the borrower has appointed an attorney in fact to act on their behalf through a legally valid POA, the POA can sign the request on behalf of the borrower. An individual signing under a POA must sign appropriately to identify the borrower and their representative capacity. 

Examples: 
Jane Doe by John Doe, Attorney in Fact
John Doe as Attorney in Fact for Jane Doe

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. 

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. 

It may take up to ten business days to set up the direct deposit. 

Payments sent by direct deposit will be processed and submitted to the Federal Reserve Bank within five business days after we receive your written request or your scheduled payment date. Then we'll forward the funds to your bank so they can credit your account. Check with your financial institution for their policy on applying ACH deposits.

Yes, but only one bank account can be set up for direct deposit. If you wish to have funds sent to a savings account, you will need the external ABA routing number along with your savings account number. Normally, the numbers on savings account deposit slips are not the same as those needed for direct deposit. It's best to send us a letter from your bank with the numbers.

The bank should send the information on bank letterhead. It should include the names of all borrowers on the account, the routing number, the account number and whether it is checking or savings account. It should also be signed by a bank representative and include the bank's phone number in case we have questions.

Due and payable events can include any of the below:

All Borrowers Have Passed Away
This includes all borrowers and any eligible non-borrowing spouses (NBS). 

Occupancy
All borrowers (or any applicable NBS) move out of the property and it is no longer the primary residence of at least one borrower or NBS. 

Property Charge Delinquency
The property charges have not been paid. This can include taxes, insurance, HOA and ground rents. 

Property Condition
The property is not maintained and it falls into serious disrepair or condemnation. 

Title Transfer
No living borrower remains on title to the property. An NBS may be listed, but they are not required. Title may be transferred to trust or life estate but those documents must be approved.

A non-borrowing spouse is the spouse of a borrower, who was not named as a borrower in the original loan application and legal documents. This often occurs when the spouse was not 62 years of age when the loan was originated; did not have title to the property; or in order to secure the maximum amount, or principal limit, for the HECM.

An Eligible Non-Borrowing Spouse means a Non-Borrowing Spouse who meets, and continues to meet, the Qualifying Attributes requirements established by the Secretary of HUD, or authorized representatives, that the Non-Borrowing Spouse must satisfy to be eligible for deferral of the due and payable status. An Eligible Surviving, Non-Borrowing Spouse* may continue to live in the mortgaged property after the death of the last surviving HECM borrower, if the following conditions are met, and continue to be met:

  1. The Non-Borrowing Spouse is named in the loan documents as a Non-Borrowing Spouse.
  2. The HECM cannot be in default (eligible to be called due and payable) for any reason other than the last borrower's death or because the last surviving borrower has moved into a healthcare facility for more than 12 consecutive months (e.g., failure to pay property taxes or make hazard insurance payments); and
  3. The borrower and his or her spouse were either:
    • Legally married at the time the HECM closed and remained married until the HECM borrower's death.
    • Engaged in a committed relationship akin to marriage but were legally prohibited from marrying before the closing of the HECM because of the gender of the borrower and Non-Borrowing Spouse, if the spouses legally married before the death of the borrower and remained married until the death of the borrowing spouse; and
  4. The Non-Borrowing Spouse* lived in the property at loan closing and continues to live in the property as his or her principal residence.

A non-borrowing spouse (NBS) may apply to become an eligible Non-borrowing spouse. In addition to the qualifying criteria, the following documents are required:
 
•          Death Certificate
•          Driver’s License
•          Social Security number
•          NBS Certificate
•          Insurance Declaration page
•          HOA estoppel, if applicable
•          Tolling agreement upon HUD approval
 

When a loan is called due and payable, we will send a demand letter to the property, the mailing address on file, and the person legally authorized to act on behalf of the estate, if one has been identified.

This letter outlines the amount of the debt owed on the reverse mortgage and the options available to resolve the debt. The estate or heirs will have 30 days to respond to this letter. The response must include appropriate documentation (Letter of Intent, Death Certificate, Will, Trust, Probate, Letters of Authority, etc.). Providing these documents in a timely manner may qualify the estate or heirs for extensions to resolve the debt. You can also upload documents on this website.

Depending on the situation, additional extensions may be available. It is important that you provide consistent and timely updates on any efforts to sell the home or pay off the loan. We will send periodic letters and phone calls to help determine the status and progress of those efforts.

We understand that this can be a challenging time. It is in the best interest of the estate and heirs to provide updates to us regularly. We want to help resolve the debt as quickly and easily as possible. 

Occupancy
An occupancy default can be cured if at least one borrower moves back into property and certifies occupancy.

Property Charge Delinquency
A property charge delinquency can be cured with a repayment plan or an at-risk extension. 

Title Transfer
A title default can be cured if at least one borrower is returned to title. If the title is transferred to a trust, please contact us ahead of time for approval. 

All Borrowers (and any NBS) Have Passed Away
Payoff
The loan balance can be paid in full with a different loan, life insurance proceeds or other funds.

Short Sale
The property can be sold to pay off the loan through the sale for less than the outstanding balance on the loan. A short sale is subject to the terms of the loan and prior approval from the investor or owner of the loan.

Deed-in-Lieu of Foreclosure
The property can be signed over to PHH or the investor in order to avoid foreclosure. This is subject to investor approval. The title must be clear of any liens or encumbrances, the property must be clear of all personal belongings and, if all borrowers are deceased, an authorized representative for the estate must be appointed to convey title.

Foreclosure Sale
The property can be foreclosed upon.

Please contact us immediately to discuss your concerns. 

Phone: 1-866-503-5559

Email: CustomerAssist@PHHReverse.com

Fax: 561-682-8644

Mail:
PHH Mortgage Services
P.O. Box 24645
West Palm Beach, FL 33416

PHH is The Leader in Loss Mitigation!®.  If you are having trouble making your monthly mortgage payment, we are here to help. Our specialists will review your situation and determine the best available option for you. Please Contact Us.

Please review the Loss Mitigation Information Packet on the Helpful Forms page for additional information.

You can always contact a HUD counselor free of charge. To obtain a list of HUD-approved counseling agencies in your area, contact HUD by mail, phone or on their website.  

Mail
451 7th St. SW
Washington, DC 20410

Toll-free: 1-800-569-4287 Ext. 451

Website: Apps.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm

FOR NEW YORK RESIDENTS: Information on the availability of housing counseling services can be obtained by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at www.dfs.ny.gov.

Here are a few examples of the assistance we can provide: 

Repayment Plan
This allows you to repay the total amount due in monthly installments over time. We structure these plans based on the financial information you provide to PHH.  

Heir Payoff
This is a reduced payoff based on the property value. It is only available to the borrower's estate or heirs if there are no living borrowers. 

Third Party Sale/Short Sale
The property secured by the reverse mortgage loan can be sold to a third party buyer, then the sale proceeds can be used to pay off the loan balance in full. The property can be sold for the lesser of (a) the full amount of debt owed on the loan, or (b) an amount based on the current appraised value of the property.  

Deed-in-Lieu of Foreclosure
This is a process for signing over the property to PHH or the investor in order to avoid foreclosure.   

Please review the Loss Mitigation Information Packet on the Helpful Forms page for additional information.

Please call us at 1-866-799-7724.  Be prepared to discuss your income (wages, social security, pension, annuity, family assistance, etc.) and expenses (electric, gas, cable, phone, water, credit cards, tax and insurance payments, etc.). Our Budget Worksheet outlines all the information we'll need to get started.

Please review the Loss Mitigation Information Packet on the Helpful Forms page for additional information.

 

Please accept our condolences on your loss. 

When all borrowers on a loan have passed away, there is certain information we are required to request and provide. We will request a copy of the death certificate and we will send a letter to the alternate contacts on the account. We'll need any representatives of the estate and/or heirs tell us what they intend to do with the home.  

Please review the Loss Mitigation Information Packet on the Helpful Forms page for additional information.
 

A brief summary of the options that may be available to the estate or heirs is included below. Please review the Loss Mitigation Information Packet on the Helpful Forms page for additional information.

Walk Away
The estate or heirs have the option of walking away with no responsibility for the house. 

Sell the Property
The estate or heirs may decide to sell the home to repay the loan. If the loan balance is more than the home is worth, the estate or heirs may sell the property for at least 95% of the current appraised value. We will need access to the property so we can complete the required appraisal.  

Deed-in-Lieu of Foreclosure
The estate or heirs can also sign over the property to PHH or the investor in order to avoid foreclosure. The process takes approximately 120 days to complete.  

Non-Borrowing Spouse
When a federally insured home equity conversion mortgage (HECM) loan becomes due and payable after the death of the last borrower, a surviving non-borrowing spouse may be able to remain in the home under certain circumstances.

Payoff
If the estate or heirs prefer to keep the home, they cannot assume the mortgage. They will have to pay off the loan by paying the lesser of the full amount of the debt owed on the loan or 95% of the current appraised value of the property. If you'd like to pay off the loan, please call us at 1-866-799-7724 we will schedule an appraisal.  

Please note that we cannot take a deficiency judgment against the estate, borrower or heirs if the option chosen does not fully satisfy the outstanding loan balance.   

All options are subject to HUD requirements and some are subject to HUD or other investor approvals. If the reverse mortgage at issue is a proprietary uninsured product and is not a federally insured home equity conversion mortgage, the options available may vary or be subject to investor approval.  
 

If the estate or heirs prefer to keep the home, they cannot assume the mortgage. They will have to pay off the loan by paying the lesser of the full amount of the debt owed on the loan or 95% of the current appraised value of the property. If you'd like to pay off the loan, please call us at 1-866-799-7724 we will schedule an appraisal.  

Based on HUD guidelines, we must start foreclosure proceedings within six months of the borrower’s passing. There are some circumstances when we may be able to get a temporary extension of the foreclosure deadline from HUD. We can only get an extension from HUD if you are communicating with us and actively pursuing an option to resolve the loan and avoid foreclosure.

You should call us at 1-866-799-7724 as soon as possible. 

If you already purchased insurance on your property, you will need to provide proof of that coverage in the form of a recent declarations page. If not, you will need to reimburse the amounts we paid for insurance and/or obtain your own coverage. 

You are required to maintain insurance on the property, and it typically costs you less and you get more coverage when you maintain your own policy. 

Please review the Loss Mitigation Information Packet in the Reinstatement: Taxes, HOA, Insurance, Occupancy section for more information on how to resolve an insurance default. 

One of the conditions of your loan agreement is that you must certify once a year that you still occupy the property as your primary residence. If we don't get your signed cerification, we will order an inspection. Please be sure to send us your occupancy certification as soon as you receive it each year to help the process go as smoothly as possible.  

Please review the Loss Mitigation Information Packet in the Reinstatement: Taxes, HOA, Insurance, Occupancy section for more information on how to resolve an occupancy default. 

If you belive you were contacted about occupancy default in error, please call us immediately at 1-866-799-7724.

You may qualify for a marketing extension. If your loan is in default and has been called due and payable, the extension will allow you time to sell or market your property.  

You may qualify for two 90-day extensions. Please call us at 1-866-799-7724 as soon as possible to learn more.

We are here to help. Please call us at 1-866-799-7724 as soon as possible.  

In general, an At-Risk Extension may be an option if you need time to resolve a default in any of the below circumstances:

- Terminal illness
- Substantiated long-term physical disability
- The youngest surviving borrower is at least 80 years old 
- A family member is receiving in-home care or a terminal illness

If HUD approves, you may be eligible for an extension up to one year.  

We are here to help. Our specialists will review your situation and determine the best available option for you. Please Contact Us.

You can always contact a HUD counselor free of charge. To obtain a list of HUD-approved counseling agencies in your area, contact HUD by mail, phone or on their website.  

Mail
451 7th St. SW
Washington, DC 20410

Toll-free: 1-800-569-4287 Ext. 451

Website: Apps.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm

FOR NEW YORK RESIDENTS: Information on the availability of housing counseling services can be obtained by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at www.dfs.ny.gov.

Unfortunately, we are unable to pay the HOA with your LESA funds. Please call us at 1-866-799-7724 to discuss your options.

Please contact us at 1-866-799-7724 to discuss your options.  

You can find additional information on our Homeowner Assistance page

There is no repayment plan available for HOA dues. Please call us at 1-866-799-7724 to discuss your options.

You can find additional information on our Homeowner Assistance page

We send this letter as a courtesy to remind you that your insurance policy expiration or renewal date is approaching. Please confirm with your insurance agent or carrier that PHH has been sent proof that your policy has been renewed. You can send us proof of insurance using any of the following options:

Email: MortgageFamilyReverse@MyCoverageInfo.com

Online: www.MyCoverageInfo.com/MortgageFamily

Mail:
PHH Mortgage Services
P.O. Box 5301
Springfield, OH 45501-5301 

Please call us at 1-866-799-7724 to discuss your options.  

Ultimately, it is your responsibility to keep the required insurance policies active with no lapse in coverage. If you have available funds in your line of credit, you can use them to pay the insurance premium.

If we do not receive proof of current insurance by the policy expiration date or we receive a cancellation notice from your carrier, we will request proof of insurance. If we do not receive current and acceptable proof of insurance within a certain timeframe, a lender placed policy will be purchased on your behalf and the premium will be charged to your loan. Lender placed policies could be more expensive than insurance you can buy yourself and may not provide as much coverage.   


If you already have a current homeowner’s insurance policy, please send us a copy using any of the below options:

Email: MortgageFamilyReverse@MyCoverageInfo.com

Online: www.MyCoverageInfo.com/MortgageFamily

Mail:
PHH Mortgage Services
P.O. Box 5301
Springfield, OH 45501-5301

Mail:
PHH Mortgage Services
PO Box 24736
ATTN: SV24
West Palm Beach, FL 33416

Hazard insurance protects the property owner against damage caused by fire, lightning, hail, wind, snow, rainstorm or other natural events. It does not include flood insurance.  

You should call us at 1-866-799-7724 as soon as possible. 

If you already purchased insurance on your property, you will need to provide proof of that coverage in the form of a recent declarations page. If not, you will need to reimburse the amounts we paid for insurance and/or obtain your own coverage. 

You are required to maintain insurance on the property, and it typically costs you less and you get more coverage when you maintain your own policy. 

Please review the Loss Mitigation Information Packet under the Reinstatement: Taxes, HOA, Insurance, Occupancy section for more information on how to resolve an insurance default. 

Windstorm insurance is a special type of property insurance that protects policy holders from property damage caused by windstorms such as tornadoes and hurricanes. Generally, these are covered by your homeowner’s insurance policy, but in some areas a separate windstorm policy is required.

Flood insurance covers losses directly caused by flooding. There are specific high-risk flood zones where flood insurance is required.

If you have questions regarding your flood zone, you may contact FEMA to dispute the requirement. 

Phone: 1-888-379-9531

Website: FEMA.gov/change-flood-zone-designation-online-letter-map-change

You can also find information about flood zones and the National Flood Insurance Program (“NFIP”) can on the official NFIP website at FloodSmart.gov.

The mortgagee is a financial institution that has an interest in the property. The mortgagee clause ensures that the insurance company will include the mortgagee on any payments if there is any loss or damage to the property. 

Let your carrier know that you have a mortgage and provide the mortgagee clause for their records.

Mortgagee Clause:
PHH MORTGAGE SERVICES
ISAOA/ATIMA
P.O. Box 5301
Springfield, OH 45501 - 5301

You'll aslo need to ask them to send us proof of coverage using either of the below options. If they have questions, they can reach us at 1-866-912-1627.

Email: MortgageFamilyReverse@MyCoverageInfo.com

Online: www.MyCoverageInfo.com/MortgageFamily

You are required to maintain insurance on the property. If you have had a lapse, you will need to show proof of a new policy, or we will need to take out a lender-placed policy for you. 

Keep in mind that this coverage only covers the dwelling, not your personal belongings. It typically costs you less and you get more coverage when you maintain your own policy.

You are required to maintain insurance on the property, so if we do not have proof of insurance, we will purchase coverage for you. This coverage only covers the dwelling, not your personal belongings.

First, make sure you had the correct mortgagee clause.

Mortgagee Clause
PHH MORTGAGE SERVICES
ISAOA/ATIMA
P.O. Box 5301
Springfield, OH 45501 - 5301

You should also confirm with your agent that they sent us proof of coverage using either of the below options. If they have questions, they can reach us at 1-866-912-1627.

Email: MortgageFamilyReverse@MyCoverageInfo.com

Online: www.MyCoverageInfo.com/MortgageFamily

Yes, you will be refunded for any period of time that your policy was in place during the lender-placed coverage dates. Once we receive your updated policy, please allow us 30 days to process the refund.   

You can always call us at 1-866-503-5559 if you have questions about the status any available funds on your loan.   

If you have available funds in a fully-funded LESA or FYSA, they will be used to pay your taxes and insurance until they are extinguished. 

If you have available funds in your LOC or are receiving monthly scheduled disbursements, those funds can also be used to pay for your taxes and insurance. You can Contact Us if you have questions about using those funds.  

If you have a partially-funded LESA and there are remaining funds, they will be disbursed twice a year so  you can use that money for your taxes and insurance. 
 

You are responsible for paying for flood insurance if your property is located in certain flood zones based on the official FEMA flood map. If you do not maintain flood insurance, your reverse mortgage will be in default and we will be required to purchase flood insurance for your property, which can often be more expensive. If you do not resolve that default, your loan will be called due and payable and will be at risk of foreclosure. 

If you miss a payment on your flood insurance premium, call us at 1-866-799-7724 as soon as possible so we can discuss what options may be available.

If you have an insurance loss from a disaster such as a fire or flood, your insurance company will issue a check for the amount of the loss, minus any deductible, depreciation or other fees deemed applicable by the insurance company. This check will be payable to both you and PHH. 

We will hold the funds until the damage to your property has been certified as repaired. Except where prohibited by state law, inspection fees are paid by the homeowner. We will work with you to monitor the progress of the repairs and make payments to any contractors based on your repair contract.

You can find additional information in the Loss Mitigation Information Packet in the Helpful Forms section.

If you have concerns related to your insurance, including confirmation of the insurance we have in place or questions about a letter you received related to insurance, please reach out using the contact information on the letter.

If your loan was originated with a fully-funded LESA account, we will pay your taxes and insurance. If your loan was originated with a partially-funded LESA account, we will send you the funds so you can pay your taxes and insurance on a semi-annual basis.  

First, contact your insurance agent and notify them of the damages.  Next, please call our Loss Draft Department using the phone number below and we'll get the process started. They are available Monday through Friday, 8 am to 8 pm ET. 

Bank of America Loans: 1-833-761-7836
All Other Loans: 1-866-918-0331

Please review the Loss Mitigation Information Packet in the Helpful Forms section for additional information.  

The Insurance Department is available to help you Monday through Friday, 8 am to 8 pm ET.

Bank of America Loans: 

Website: LossTrak.com/PHH

Email: PHHLDDocs@swbc.com

Phone: 1-833-761-7836

Fax: 888-718-2010

Mail:
PHH Mortgage Services 
Attn: Loss Draft Department
4500 Lockhill Selma Road Suite 100
San Antonio, TX 78249

All Other Loans:

Website: InsuranceClaimCheck.com

Fax: 1-888-446-9074

Phone: 1-866-918-0331

Regular Mail:
PHH Mortgage Services
Attn: Loss Drafts #301
P.O. Box 6501
Springfield, OH 45501

Overnight Mail:
PHH Mortgage Services 
Attn: Loss Draft Department #301
One Assurant Way
Springfield, OH 45505

It is our responsibility to make sure all items listed on the insurance adjuster's report are repaired, and that all contractors, labor, and materials are paid in full so that no liens are filed against the property to threaten the security interest.  

If you have an insurance loss to your property, your insurance company will issue a check for the amount of the loss payable to both you and PHH Mortgage. PHH will hold the funds until the damage to your property has been certified as repaired. PHH will work with you to monitor the progress of the repairs and make payments to any contractors based on your repair contract.
 

Please review the Loss Mitigation Information Packet  for a detailed description of  the process and what documentation is required. If you have questions please call us at:

Bank of America Loans: 1-833-761-7836
All Other Loans: 1-866-918-0331
 

According to the security instrument you signed at closing, we are required to be listed as a payee if we maintain a vested interest in the property. As your servicer, we are required to oversee the disbursement of the insurance funds and make sure the work is completed.  

In most cases, we are required to deposit the check and oversee the disbursement of funds. This is because PHH is responsible for making sure the work is done and all contractors are paid before releasing any remaining funds.

PHH will release the insurance money once we have confirmed the repairs have been completed and all necessary documents received.  This will require a final inspection.  For more information please review the Loss Mitigation Information Packet or call us at:

Bank of America Loans: 1-833-761-7836
All Other Loans: 1-866-918-0331

Only if the repairs are cosmetic. We require a contractor for structural, electrical, plumbing or roofing.  For more information please review the Loss Mitigation Information Packet or call us at:

Bank of America Loans: 1-833-761-7836
All Other Loans: 1-866-918-0331

To draw money from your line of credit, you will need to download the Line of Credit Draw Request Form on the Helpful Forms page. Once you've completed and signed it, you can upload and submit the form right here on the website.

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. 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, we will mail you a check or, if you're enrolled in direct deposit, deposit the funds directly to your bank account. If you are not signed up for direct deposit, please allow extra time for mailing. 

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. It may take up to ten business days to set up the direct deposit. 

Once we get your request, we will either disburse the funds or send you a denial within five business days. If you have chosen to receive the funds by check, please allow extra time for mailing. 

If you'd like to draw money from the line of credit (LOC), you must meet the below conditions. There may be additional requirements based on specific account characteristics. 

1. The request must be submitted in writing. 
2. The request must be signed by all borrowers or any of the borrower’s legally authorized  representatives. Examples of a legally authorized representative are a court appointed guardian or an individual granted a legally valid Power of Attorney by the borrower. 
3. There must be funds available in the LOC. 
4. The loan cannot be in a default status for any reason. 
5. At least one borrower must be living. 
6. The taxes on the property must be current. 

No. If your reverse mortgage plan includes a line of credit (LOC) option, the available funds may grow each month. This growth is not interest. 

Each month, the available funds in your LOC are recalculated. If it is large enough to accumulate more than the monthly interest and fees added to your loan balance, you may experience growth. On the other hand, if your monthly interest and fees are more than your growth, you might experience a decrease in your line of credit available funds. You will not be charged interest on your available funds until they are withdrawn.

Once you withdraw funds from your line of credit, the withdrawal is added to your loan balance. Therefore, you will not be charged interest on your available funds until they are withdrawn.

We can send you a check or direct deposit the funds to your bank account. If you are on a monthly payment plan, your payments will be automatically mailed to you by check unless you have signed up for 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. It may take up to ten business days to set up the 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. It may take up to ten business days to set up the direct deposit. 

Make sure all borrowers associated with the reverse mortgage sign it. You will need to send us a pre-printed original voided check with your bank account information along with the completed form. All borrowers must be authorized signers on the bank account.  You can also Contact Us and we can mail you the form.

Payments sent by direct deposit will be processed and submitted to the Federal Reserve Bank within five business days after we receive your written request or your scheduled payment date. Then we'll forward the funds to your bank so they can credit your account. Check with your financial institution for their policy on applying ACH deposits.

Yes, but only one bank account can be set up for direct deposit. If you wish to have funds sent to a savings account, you will need the external ABA routing number along with your savings account number. Normally, the numbers on savings account deposit slips are not the same as those needed for direct deposit. It's best to send us a letter from your bank with the numbers.

The bank should send the information on bank letterhead. It should include the names of all borrowers on the account, the routing number, the account number and whether it is checking or savings account. It should also be signed by a bank representative and include the bank's phone number in case we have questions.

[Borrower’s name] by [POA’s name] as [POA/Attorney in Fact] 

Examples
John Smith by Charlotte Smith as POA 
Sam Smith by Charlotte Smith as Attorney in Fact

No. Once we receive notification that the payment was returned, we will immediately process the request and disburse the funds either by mailing you a check or depositing the funds into a new bank account designated by you.  

In order to avoid further delay, you should contact us immediately if your bank rejects the deposit. If you would like the funds reissued as a check please call us at 1-866-503-5559

If you would like the funds deposited into a new bank account, you will need to have your bank fax us the information on bank letterhead right away or send an updated voided check. The letter from the bank should include the names of all borrowers on the account, the routing number, the account number, the bank address and whether the account is a checking or savings account. The letter should be signed by a bank representative and include the bank's phone number in case we have questions.

Draw requests will be processed based on the written portion on the form not the numeric portion.  If you need additional funds, you'll need to submit another request for the difference.

The first calendar day of the month after the loan was closed.  

The OCL is due on the first day of the month following the anniversary date.  We highly encourage you to fill out and send it back as soon as possible and call us with any questions. 

The initial OCL is mailed approximately 30 days prior to the loan’s anniversary date.  Please sign, date and return the document to us as soon as possible. 

Yes, an individual with a valid POA can sign the occupancy certification if they are authorized on the account.

Yes. If you received an additional letter, it’s likely that we did not receive your document, or it was completed incorrectly. If you have questions, please call us at 1-866-799-7724.

If you need to be away from your home for more than two months, it is best if you or someone close to you sends us a letter to let us know your intentions for returning to the property. The letter should specify the reason you are away, and the dates of departure and expected return. In most cases, with written notification, we would not consider the loan to be in default for occupancy until you are away for longer than 12 months.

Loans can go into occupancy default if they fail to comply with the occupancy requirements. These include:

  • If none of the borrowers on the reverse mortgage live in the property as their principal residence
  • If a borrower does not live in the property for a period of longer that 12 consecutive months because of physical or mental illness, and no other borrower lives there

The borrower or someone authorized by the borrower, such as a power of attorney, can notify us of either one of these events, or we may  learn about the occupancy status after conducting an inspection. 

Loans can also go into occupancy default if we don't receive the signed and dated occupancy and we are never able to confirm occupancy.

The occupancy requirements may differ for borrowers in Texas and New York based on state law.  

One of the conditions of your loan agreement is that you must certify once a year that you still occupy the property as your primary residence. If we don't get your signed cerification, we will order an inspection. Please be sure to send us your occupancy certification as soon as you receive it each year to help the process go as smoothly as possible.  

Please review the Loss Mitigation Information Packet on the Helpful Forms page for more information on how to resolve an occupancy default. 

If you belive you were contacted about occupancy default in error, please call us immediately at 1-866-799-7724.

We require a utility bill as additional proof of occupancy if there has been a prior vacancy. The utility bill should be in the borrower's name, list the property address, and be dated within the last 30 days. 

If you have questions, please call us at 1-866-799-7724.  

Yes, you can pre-pay at any time by wire transfer, or by sending a check to the address on your monthly loan statement. Please Contact Us for wire instructions.

PHH Mortgage Services
P.O. Box 24781
Attn: RSVPP
West Palm Beach, FL 33416

If you have a HECM loan that includes a line of credit (LOC), prepayments will be applied to your LOC and will be available for future draws. 

If you have a non-HECM loan, please refer to any LOC restrictions in your loan documents. Please be aware that funds may not be immediately available for you to draw after you make a prepayment, since we have to wait for your payment to clear your bank.

The application of your prepayments is outlined in your loan documents. 

The order can vary by loan product, but usually goes something like this: 
1. The aggregate amount of the principal balance representing MIP (if applicable)
2. The aggregate amount representing servicing fees (if any)
3. Accrued interest
4. Outstanding principal balance

Below are a few options to request for a payoff quote. Once a request is received, the concerned department will generate the payoff quote within two business days (active loans) or five business days (default loans) and send it on the mode of delivery requested. You can request the payoff quote to be sent via email, fax or mail.

Option 1: Email/Fax
You can send us an email or fax a request for a payoff quote to the email Payoff@PHHreverse.com or fax: 561-682-8353 along with the good through date and the preferable mode of delivery.

Option 2: By Phone
You can request a payoff quote through our automated phone system or with one of our agents, call us at  1-866-503-5559.

Option 3: Online
You can login and click on the Contact Us form and select Payoff Request in the regarding Column. Provide the Good Through Date and Mode of Delivery (where you want PHH to send the Payoff Quote requested) in Your Message and Submit.
 
 

Yes. A payoff quote is required to be obtained before sending in the funds, since it will give you all the information of the amount that is due or payable on the account. If the requested quote is expired, the borrower should request for a new payoff quote to get the exact payoff amount.  
 

Yes, you can request for a payoff quote with a good through date up to 30 days in the future.

If the loan is NON Home Equity Conversion Mortgage loan, then the good through date will be restricted until the last business day of the current month.

The Payoff Amount includes the interest due, taxes or insurance payments, outstanding fees and expenses which may include any recoverable fees and costs from the vendors and or servicing fees (if applicable) in addition to the principal balance. The entire Payoff amount is payable if you intend to payoff the loan. 

Once the required disbursements are made on the account, any balance payments will be reimbursed and a refund check will be sent to the mailing address on the file. Please allow us 45 days on Active and 90 days on Default loans to have the Overages processed and disbursed.

If you intend to payoff the loan, you may request for a payoff quote. To request a payoff, please Contact Us or use the Payoff Quote Request form on the Helpful Forms page.

Any person who is authorized on the loan can request a payoff. This can include a Power of Attorney, an attorney representing the borrowers and any heirs.

Yes, the ‘Payoff Due’ date on the quote is the expiration date of the Payoff Quote.

These are projected expenses that may need to be paid by PHH. These could include hazard or flood insurance, property inspection fees, property taxes or default expenses.

Once a request is received, the concerned department will generate the payoff quote within two business days (active loans) or five business days (default loans) and send it on the mode of delivery requested.

The amount shown on the monthly statement is not an accurate payoff quote. Please Contact Us to request a payoff statement.  

This is a reminder that your property tax bill from your tax authority will be due soon. If you have already paid the taxes, please disregard this letter.  

Please call us as soon as possible at 1-866-799-7724 to discuss your current situation.  Our specialists will review your situation and determine the best available option for you.

Please visit our Homeowner Assistance page for additional information. 

If you are unable to pay your taxes on time and you would like a repayment plan with the taxing authority, PHH will accept the plan and not place the loan in default under certain conditions.  

The first conditions is that the plan must approved by the taxing authority whereby the taxing authority will not seek to foreclose on the property so long as you are making payments.  

The second condition is that we must receive the approved plan agreement with the taxing authority before the tax office reports the taxes delinquent. 

If the repayment plan is broken with the taxing authority, we will issue the tax payment to clear any delinquent taxes in order to prevent a tax sale or additional penalties. Your failure to pay the property taxes (and in this case, your failure to honor the terms of the plan with the taxing authority) will result in your loan being placed in a default status.  

If you have already made a payment to the tax authority according to the terms of their agreement and we also paid the taxes, then the taxing authority may have been overpaid. Call us immediately at 1-866-799-7724 so we can discuss how to resolve this overpayment. 

We cannot accept tax deferrals on the property. A tax deferral means taxes do not have to be paid until a future date, but may still be considered delinquent with the tax authority. We will pay the taxes regardless of any deferral status.

You are encouraged to take advantage of any and all tax exemptions that might be available to you under applicable law. Contact your local taxing authorities to see what exemptions you may qualify for to help reduce the amount of property taxes you owe. Depending on the state and local taxing authority, you could potentially be eligible for a partial exemption or full exemption. 

You should call us at 1-866-799-7724 as soon as possible to make repayment arrangements.  

Be prepared to discuss your income (wages, social security, pension, annuity, family assistance, etc.) and expenses (electric, gas, cable, phone, water, credit cards, tax and insurance payments, etc.).

Please review our Homeowner Assistance page for additional information. 

You can also find information on our assistance options in the Loss Mitigation Information Package on the Helpful Forms page.  

If your loan was originated with a fully funded LESA account, then we will pay your taxes and insurance.  If your loan was originated with a partially funded LESA account, we will send you the LESA funds so you can pay the taxes and insurance on a semi-annual basis.  

You can always call us at 1-866-503-5559 if you have questions about the status any available funds on your loan.   

If you have available funds in a fully-funded LESA or FYSA, they will be used to pay your taxes and insurance until they are extinguished. 

If you have available funds in your LOC or are receiving monthly scheduled disbursements, those funds can also be used to pay for your taxes and insurance. You can Contact Us if you have questions about using those funds.  

If you have a partially-funded LESA and there are remaining funds, they will be disbursed twice a year so  you can use that money for your taxes and insurance. 
 

Your loan terms require that certain repairs and/or improvements must be made to the property within a specified time frame. 

Please contact us at 1-866-503-5559 to discuss your options.  

Your repair rider from loan closing will show the amount of funds that are available and the required repairs.  If you have any questions or need a copy of the rider, please call us at 1-866-503-5559.

Your repair rider from loan closing will show the date the repairs must be completed.  If you have any questions or need a copy of the rider, please call us at 1-866-503-5559.

Inspection fees start at $175.00, but may be higher depending on the location of the property. This does not apply to properties in New York at this time. The fees will be deducted from your repair set-aside funds. 

PHH sent a goodbye letter with information about your new servicer. They should also send a welcome letter with their contact information. Please reach out to your new servicer if you have any questions about your Reverse mortgage.

PHH Mortgage Services
P.O. Box 24781
Attn: RSVPP
West Palm Beach, FL 33416

Please be sure to include your name, loan skey, and property address. 

Yes. A monthly statement is generated on the second business day of each month. Please allow normal first-class mail delivery timing.