Frequently Asked Questions

You can speak with a Customer Service representative in a language other than English, or get a verbal translation of any correspondence.

For New York City customers, translations and descriptions of commonly-used debt collection terms are available in multiple languages on the New York City Department of Consumer Affairs website, www.nyc.gov/dca.

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
P.O. Box 24606
West Palm Beach, FL 33416

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

Monday through Friday 8 am to 7 pm ET.

If you are not satisfied with any aspect of the servicing of your account, please contact our Customer Service Department at 1-866-503-5559.

If you are unsatisfied with your response from our Customer Service Department, please use the address below and include your name, account number, property address and a statement of either the information you are requesting or the error you believe has occurred.

PHH Mortgage
PO Box 24645
West Palm Beach, FL 33416

New York Property Owners: You can also file complaints about your servicer with the New York State Department of Financial Services. You can obtain further information from the New York State Department of Financial Services by calling the Department's Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.

Texas Property Owners: COMPLAINTS REGARDING THE SERVICING OF YOUR MORTGAGE SHOULD BE SENT TO THE DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TX 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 877-276-5550. A complaint form and instructions may be downloaded and printed from the department's website located at www.sml.texas.gov or obtained from the department upon request by: mail to the aforementioned address, telephone through their toll-free consumer hotline listed, or email at smlinfo@sml.texas.gov

You can send any general written correspondence to the address below.
 
PHH Mortgage
PO 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. 

When you have a reverse mortgage, there are certain steps that must be completed for a property to be transferred to a living trust. Your servicer must review and approve any request to ensure it meets state law and investor guidelines. Click here to learn more about what is required.

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.

If you have other questions, please Contact Us.

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.

No. You can pay back the loan at any time.

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.

If you fail to pay property taxes, homeowner’s insurance, homeowners association (HOA) fees, ground rents, condo owners association (COA) fees, planned unit development fees, or any other special assessments that may be required by local or state law, a payment may be made from your account. A change of plan may need to be completed without your consent since the payment terms have changed. 

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.

Note: Requests received after the 25th will be declined and a new change of plan will need to be requested. 

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 automatic disbursements, please complete and submit the Automatic Disbursement Request Form on the Helpful Forms page. It may take up to two business days to set up the automatic deposit.

Note: All new bank accounts are subject to a 30 day hold for automatic transfers. Requests submitted during the 30 day hold period may be mailed by check to the address on file.

When completing the Automatic Disbursement Request Form, please follow the instructions on the form.
 

There is no fee for this service.

Depending on eligibility, the timeline for payments to be processed is below:

• Scheduled monthly disbursements are sent on the first business day of the month. When the first business day falls on a weekend or holiday, the funds are disbursed the following business day.
• Unscheduled disbursements are processed within five business days of receiving a written request.

Check with your financial institution for their policy on applying automatic deposits.

Yes, money can be automatically disbursed to a savings account, however, only one bank account can be set up for automatic deposit. If you choose to have funds sent to a savings account, the external ABA routing number along with your savings account number will be required. Typically, the numbers on a savings account deposit slip are different from those required for automatic deposit.

It's best to send a letter from your bank with the required information. Your bank should send the information on bank letterhead. It should include the routing number, the account number and whether it 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.

You will need to submit a letter from your bank on their letterhead including 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: 1-561-682-8644

Mail:
PHH Mortgage
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 certification, we will order an inspection. You also have the option to complete this certification verbally by calling our office. Please be sure to send us your occupancy certification, or call us to complete the verbal 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 believe 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, but immediate action is required. 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
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
P.O. Box 5301
Springfield, OH 45501-5301

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

Overnight Mail:
PHH Mortgage
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.  

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

The IRS Form 1098, Mortgage Interest Statement, is used to report mortgage interest of $600 or more on any one mortgage during the calendar year.

We only report mortgage interest payments that we received during the calendar year. If you paid another company interest related to the mortgage loan during the year, you may receive more than one IRS Form 1098.  Also, any amount received from the Homeowner Assistance Fund Program (HAF) that was applied to mortgage interest will be excluded from the Form 1098 interest amount.

Year-end statements will be postmarked no later than January 31st or the following business day, and you should receive your statement within seven to ten days of that mailing. You will only receive an IRS Form 1098 if you made a payment that applied towards interest within the tax year. 

 

This is for informational purposes only. 

We are required to provide an Annual Account Statement by January 31st which details the previous year's reverse mortgage account activity. The Annual Account Statement must summarize all advances of principal, all Mortgage Insurance Premiums accrued, all interest charges, and all property charges paid in the prior year. The purpose is to allow homeowners to monitor their reverse mortgage balances and understand the growing cost of the loan over time. 
 

The Form 1099 may be income received related to your mortgage, debt which was discharged, or another event reportable to the IRS which took place during the year.  There are several different types of 1099 forms, but you will only receive a form applicable to you. 

• Form 1099-A is typically provided in the event of foreclosure, deed-in-lieu of foreclosure, etc. during the tax year.  The IRS requires a Form 1099-A when we (1) acquire an interest in a property securing the loan or (2) have reason to know the property is abandoned.  
• Form 1099-C is provided when a debt is cancelled, forgiven, or discharged.  This includes if a modification was completed which includes eligible principal forgiveness. The IRS requires a Form 1099-C when a cancellation of principal amount owed of $600 or more occurs.  
• Form 1099-INT is provided when your escrow account earns $10 or more of interest during the year.  If you did not receive a Form 1099-INT, it is because you were either paid less than $10.00 of accrued interest in your escrow account or your interest income was paid on or after January 1st, so you won’t receive one until next year.  
• Form 1099-MISC is provided when you received $600 or more in cash benefits during the year.  The Miscellaneous Income Statement Form 1099-MISC is issued in order to report to the IRS the following:
  • Payments to the customer or the tenant residing in a property currently in the foreclosure process.  The purpose of the payment is to assure the residing party permanently evacuates the property.  This is referred to as the Cash for Keys or Cash for Relocation Program.  This amount is reported in Box 3.
  • Any other payment for Rent, Attorney Gross Proceeds, or Other Income of $600 or more.

Should you need it, our Tax ID number is 22-2195996.

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 automatic deposit, deposit the funds automatically to your bank account. If you are not signed up for automatic deposit, please allow extra time for mailing. 

Notes:

• Handwritten signatures must be present on the draw request form. Electronic signatures are not accepted. 
• Notarized signatures may be required depending on the dollar amount of the draw request and signature variations. 

Depending on eligibility, the timeline for payments to be processed is below:

• Scheduled monthly disbursements are sent on the first business day of the month. When the first business day falls on a weekend or holiday, the funds are disbursed the following business day. 
• Unscheduled disbursements are processed within five business days of receiving a written request.

Check with your financial institution for their policy on applying automatic deposits.
 

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. 

• The request must be submitted in writing. 
• 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. 
• There must be funds available in the LOC. 
• The loan cannot be in a default status for any reason. 
• At least one borrower must be living. 
• The taxes and insurance on the property must be current. 
• Repair requirements from closing must not be past due.

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 automatically 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 automatic deposit.

If you'd like to sign up for automatic deposit, please complete and submit the Automatic Disbursement Request Form on the Helpful Forms page. It may take up to two business days to set up the automatic deposit.

Note: All new bank accounts are subject to a 30 day hold for automatic transfers. Requests submitted during the30 day hold period may be mailed by check to the address on file.

When completing the Automatic Disbursement Request Form, please follow the instructions on the form.
 

You can download the Line of Credit Draw Request Form on the Helpful Forms page. You can also Contact Us and we can mail you additional forms.

If you'd like to sign up for automatic deposit, please complete and submit the Automatic Disbursement Request Form on the Helpful Forms page. It may take up to two business days to set up the automatic deposit.

Note: All new bank accounts are subject to a 30 day hold for automatic transfers. Requests submitted during the30 day hold period may be mailed by check to the address on file.

When completing the Automatic Disbursement Request Form, please follow the instructions on the form.

This service is free of charge.

Payments sent by automatic deposit will be processed 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 automatic deposits.

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. 

[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

We will receive the notification from your bank that the payment was returned. We will immediately process the request and disburse the funds as a check.

If you'd like to add a new bank account for automatic deposit, please complete and submit the Automatic Disbursement Request Form on the Helpful Forms page. It may take up to two business days to set up the automatic deposit.

Note: All new bank accounts are subject to a 30 day hold for automatic transfers. Requests submitted during the30 day hold period may be mailed by check to the address on file.

When completing the Automatic Disbursement Request Form, please follow the instructions on the form.

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.

Yes. In order to make future withdrawals, you must maintain a minimum $50 balance in your line of credit.

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

You must certify your occupancy every year.

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

Yes, please call us at 1-866-799-7724 for assistance. 

Yes, you can pre-pay at any time by wire transfer, making a payment by phone, or by sending a check to the below address. Please Contact Us for wire instructions.

General Mail:
PHH Mortgage
PO Box 24781
Attn: RSVPP
West Palm Beach, FL 33416

Overnight Mail:
PHH Mortgage
1661 Worthington Road, Suite 100
Attn: RSVPP
West Palm Beach, FL 33409

General Mail:
PHH Mortgage
PO Box 24781
Attn: RSVPP
West Palm Beach, FL 33416

Overnight Mail:
PHH Mortgage
1661 Worthington Road, Suite 100
Attn: RSVPP
West Palm Beach, FL 33409

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 typically follows this hierarchy: 

1. The aggregate amount of the loan 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: 1-561-682-8353 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 us to send the Payoff Quote requested) in Your Message and Submit.
 
 

We will send the loan documents within 30 days after payoff. 
 

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.  
 

There is no fee to request a payoff quote.

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.

You can find the routing and account number on the payoff statement.

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 reverse mortgage requires that the property meet a certain level of maintenance and upkeep. Your mortgage was approved with the condition that you complete certain repairs to your property prior to the completion due date specified in the Repair Rider. Part of your mortgage funds were designated to pay for the repairs in what is called a repair set-aside balance.

For important information on how to complete the repair process, refer to the Your Repair Options Packet on the Helpful Forms page.

The Repair Rider included in your loan closing documents includes the amount of funds that are available for the required repairs.  You can also find the repair set-aside balance on your monthly account statement.

The repair set-aside completion date may vary depending on the extent of the repairs required. The Repair Rider included in your loan closing documents includes the date the repairs must be completed.  If you have any questions or need a copy of the Repair Rider, please call us at 1-866-503-5559.

Once the repairs are complete, the property must pass a final inspection and all required documents outlined in the Your Repair Options Packet must be submitted to us before the repair due date. 

You may receive a check representing the final disbursement of the repair set-aside funds to cover the cost of the repairs and any remaining balance may be deposited into your line of credit.

If required repairs cannot be completed by the due date specified in the Repair Rider, you may submit a written request for a 90-day extension. An extension request must be submitted 30 days prior to the repair completion due date. Once we received your written extension request, we will send a letter to let you know if it has been approved.

If repairs aren’t completed within the specified timeframe, access to any available funds in the line of credit will be suspended. The loan may be at risk of default and foreclosure proceeding may begin.

For important information on how to complete the repair process, refer to the Your Repair Options Packet on the Helpful Forms page. 

If you are experiencing a hardship or have any questions, please call us at 1-866-503-5559.

The Repair Administrative Fee of $50.00 or 1.5% of the actual repair amount, whichever is greater, may be deducted from the repair set-aside balance if it was not collected at closing.

Inspection fees start at $175.00 but may be higher depending on the location of the property and may be deducted from the repair set-aside balance.

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.

No, your terms will not change. 

Yes, you will be automatically enrolled in our automatic payment program.

PHH Mortgage
PO 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.