Quick Answer
The reverse mortgage servicer is the company that manages the loan after closing — processing draws, monitoring tax and insurance compliance, sending the annual occupancy certification, managing any Life Expectancy Set-Aside, and handling the due-and-payable process when the loan eventually becomes due.
- The servicer is the company you deal with after closing — not the lender who originated the loan.
- The servicer may be different from the originating lender and can change over the life of the loan.
- Finance of America is currently the largest HECM servicer after acquiring PHH's $9.6 billion portfolio in Q1 2026.
- The servicer processes draws, pays LESA obligations, sends the annual occupancy certification, and manages compliance.
- Always keep your servicer's contact information and respond promptly to any communication they send.
- Notify the servicer if you plan to be away from the home for more than 2 consecutive months.
Key Facts
| Topic | Key Fact |
|---|---|
| Who the servicer is | May differ from originating lender — can change via servicing transfer |
| Largest HECM servicer (2026) | Finance of America — after Q1 2026 PHH portfolio acquisition |
| Monthly statement | Sent by servicer showing current balance and activity |
| Annual occupancy certification | Sent by servicer — must be returned promptly |
| LESA management | Servicer pays taxes and insurance from LESA automatically |
| Draw requests | Processed by servicer — typically within 5 business days |
| Change of servicer | Borrower notified by mail — servicer contact info updates |
| Due-and-payable process | Managed by servicer when loan matures |
Detailed Explanation
The reverse mortgage servicer performs an entirely different function from the lender or broker who originated the loan. The originator's job ends at closing. The servicer's job begins at closing and continues for the entire life of the loan — which could be 10, 20, or 30 years. Understanding who your servicer is and how to work with them is one of the most important post-closing responsibilities for any reverse mortgage borrower.
The servicer's primary operational responsibilities include: processing line of credit draws within the required timeframe (typically 5 business days), sending the annual occupancy certification and recording the borrower's response, managing any Life Expectancy Set-Aside by paying property taxes and insurance on the borrower's behalf, processing payment plan modifications, communicating with HUD on compliance matters, and sending monthly statements showing the current loan balance and recent activity.
Servicing transfers — when one servicer sells its portfolio to another — are common in the mortgage industry and legally permitted under RESPA with proper notice. When a servicing transfer occurs, the borrower receives written notice from both the outgoing and incoming servicers at least 15 days before the transfer date. The terms of the loan do not change in a servicing transfer — the same interest rate, available credit, and program terms remain intact. Only the contact information and payment routing changes.
The due-and-payable process is the servicer's most consequential responsibility. When the last borrower sells, permanently moves out, or passes away, the servicer receives notification and initiates the due-and-payable protocol: sending the formal notice to the estate or heirs, managing the extension request process, and coordinating the eventual payoff or property transfer. The servicer's handling of this process directly affects how smoothly the final chapter of the reverse mortgage unfolds for the borrower's family.
Jay Zayer, CRMP — 18 Years Experience
The servicer is the company your heirs will call first when the loan becomes due. I spend time in every closing conversation making sure clients know exactly who their servicer is, how to contact them, and what the annual occupancy certification looks like. I also encourage every client to share this information with one trusted adult family member — not because I expect a crisis, but because when a crisis does occur, the family member who knows to call the servicer immediately and request an extension is in a fundamentally better position than one who discovers the loan through a probate filing six months later.
Who This Is Right For
This may be a good fit if:
- Every reverse mortgage borrower — understanding who your servicer is and how to work with them is a post-closing necessity
- Heirs who want to understand what steps to take when the loan becomes due
This may NOT be the right fit if:
- There is no situation where understanding the servicer's role would be inappropriate — this information applies to every HECM borrower
Common Misconception
Myth: The company I got my reverse mortgage from is the company I call with questions after closing.
Fact: The originating lender or broker is rarely the servicer. The servicer — which handles all post-closing activity — is often a different company that may have acquired the servicing rights after the loan was originated.
Source: RESPA: Servicing transfer regulations — consumerfinance.gov
Authoritative Sources
- CFPB: Mortgage servicing rules — consumerfinance.gov
- RESPA: Servicing transfer requirements — hud.gov
- HUD: HECM servicer contact — hud.gov (800-827-3702)
People Also Ask
How do I find out who my reverse mortgage servicer is?
Check your most recent monthly statement — the servicer's name and contact information appear on the statement. You can also call HUD's reverse mortgage hotline at 800-827-3702.
What should I do if my servicer changes?
You will receive written notice from both the outgoing and incoming servicers at least 15 days before the transfer. Update your records with the new servicer's contact information. Your loan terms do not change.
How do I request a draw from my reverse mortgage line of credit?
Contact your servicer directly — by phone or through their online portal if available. Draw requests are typically processed within 5 business days. The funds are transferred to your bank account on file.