Sentences with phrase «responsibilities as a reverse mortgage»
For more information about what your responsibilities as a reverse mortgage borrower would be, call your very own Reverse Mortgage Professional at 1-888-998-3147, who will detail all responsibilities for your unique situation.
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However, if you are confident a reverse mortgage loan is the best option for you, these counselors can answer your questions and offer unbiased information about the advantages, drawbacks, loan process, and your responsibilities as a borrower.
The non-borrowing spouse will inherit the responsibility for the reverse mortgage loan as well as the home's ownership.
Their responsibility is to assign the appraisal order to a local FHA approved appraiser in the same market area as the property of the Reverse Mortgage borrower and to be the go - between for the Lender and the appraiser to maintain appraiser independence.
Lenders also have many responsibilities when originating a reverse mortgage loan, as well as continued lender responsibilities designed to maintain the integrity of the loan.
The FHA requires counseling sessions to inform older homeowners on their options when opening a reverse mortgage account, as well as identifying specific borrower responsibilities throughout the life of the loan.
Their responsibility is to assign the appraisal order to a local FHA approved appraiser in the same market area as the property of the Reverse Mortgage borrower and to be the go - between for the Lender and the appraiser to maintain appraiser independence.
The non-borrowing spouse will inherit the responsibility for the reverse mortgage loan as well as the home's ownership.
However, if you are confident a reverse mortgage loan is the best option for you, these counselors can answer your questions and offer unbiased information about the advantages, drawbacks, loan process, and your responsibilities as a borrower.
As more lenders expand into the reverse mortgage business and more products are introduced, NRMLA's Standards and Ethics Committee published the Code of Ethics & Professional Responsibility to help strengthen the ethical framework that every member must follow.