A California HECM typically closes in 30 to 60 days. The difference between the fast end and the slow end is almost always document turnaround. Gather these before you apply.
Identity and eligibility
- Government-issued photo ID for every borrower
- Social Security card or verification letter
- Birth certificate or other proof of age (the youngest borrower's age drives your loan amount)
- Marriage certificate, divorce decree, or spouse's death certificate as applicable
- HUD counseling certificate — required before the application can proceed
Property documents
- Current homeowners insurance declarations page
- Most recent property tax bill and proof of payment
- Grant deed or title documents
- HOA statement, budget, and contact information for condos and PUDs
- Existing mortgage or HELOC statements showing payoff balances
- Any recorded liens, judgments, or solar or PACE financing agreements
PACE and solar liens deserve special attention in California — they can take priority over the reverse mortgage and often must be resolved before closing. Flag them early.
Financial assessment documents
HUD requires a financial assessment of your willingness and capacity to pay ongoing obligations. Expect to provide:
- Two months of bank statements, all pages
- Social Security award letter and pension or annuity statements
- Two years of tax returns if self-employed or with rental income
- Recent pay stubs if still working
- Explanation letters for any large or irregular deposits
Weak results here can trigger a Life Expectancy Set Aside, so accurate, complete documentation is in your interest.
If someone is acting on your behalf
Durable power of attorney documents must be reviewed and accepted by the lender and title company in advance. If a trust holds title, the full trust document and any amendments are required. Both of these are common sources of last-minute delays.
What happens next
After documents are in, the FHA appraisal is ordered, underwriting reviews the file, conditions are issued and cleared, and closing is scheduled. Our step-by-step process guide walks the full sequence.
Upload documents securely through your borrower portal once you start an application, or run preliminary numbers in the calculator first.
