Reverse Mortgages Authorization Requirements

Overview

Reverse mortgages are loans secured by a home's equity. These loans are commonly referred to as Home Equity Conversion Mortgages (HECM), are available to borrowers 62 and older, and allow homeowners the option to use equity in their home to meet financial needs. Federal regulations and North Carolina law require reverse mortgage loan applicants to receive reverse mortgage counseling from an approved counseling agency. The U.S. Department of Housing and Urban Development maintains a list of certified reverse mortgage counselors.

The N.C. Commissioner of Banks (NCCOB) regulates and approves North Carolina mortgage lenders (as defined in N.C.G.S. § 53-244.030(20)) to make these reverse mortgage loans

Approved licenses may be viewed by visiting Find Licensees.

Filing Overview, Forms, and Fees

Mortgage lenders shall request authorization to engage in reverse lending through the NMLS website by adding reverse mortgage as a business activity. An appropriate surety bond (see below) must also be included. Please see Forms and Fees for additional information. All fees are posted on the Fee Schedule.

Surety Bonds

A surety bond in the amount of $100,000 must be submitted with the authorization request. Please see Forms and Fees for more information.

Who To Contact

Please see our Contact Us page for contact information.