North Carolina Reverse Mortgages Authorization Requirements
Reverse mortgages are loans that are secured by a home's equity.
These loans are commonly referred to as Home Equity Conversion Mortgages (HECM)
and are available to borrowers age 62 years of age or older. These loans
allow homeowners the option to use the equity in their homes to meet their
financial needs. Federal regulations and North Carolina law require that
counseling is required for reverse mortgage applicants. The U.S. Department
of Housing and Urban Development maintains a list of
certified reverse mortgage counselors.
The N.C. Commissioner of BanksNCCOB regulates and approves authorizes
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.
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.