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[+] PA Abstractors... Can you help? - Kolin/NY (6 replies)
3/5/2008 4:03:19 PM (3562 views)

Sovereign Title Agency LP - . APS/NY
3/5/2008 3:21:11 PM (5262 views)

[+] Wow Rob that's alot of companies - Amy Tatusko/VA (1 reply)
3/4/2008 7:38:53 PM (3762 views)

[+] hot list or leads - Derrick whitaker/NC (2 replies)
3/4/2008 3:05:13 PM (3312 views)

[+] Lender Services Direct - Joyce/NM (16 replies)
3/4/2008 11:28:00 AM (4280 views)




[+] Millard Rubenstein - . APS/NY (1 reply)
3/4/2008 10:51:58 AM (4803 views)

[+] Outsourcing - Janis Talbot/SC (4 replies)
3/4/2008 8:06:54 AM (3415 views)

[+] Just Out of Curiosity... - Scott Perry/PA (15 replies)
3/3/2008 8:09:30 PM (3313 views)

Mortgage Company Leads - Mark Russomanno/NJ
3/3/2008 6:42:03 PM (2645 views)

[-] Reverse Mortgage Problem? - Kevin Ahern/CT (6 replies)
3/3/2008 9:21:55 AM (4649 views)
Re: Reverse Mortgage Problem? - KELLY ROBERTSON/CA
3/3/2008 9:31:57 AM (4299 views)
Re: Reverse Mortgage Problem? - Kevin Ahern/CT
3/3/2008 9:48:01 AM (4265 views)

Hi Kelly,

I do reverse mortgage closings also. I have noticed in the loan documents that there is usually a form for the borrower to sign in which he indicates whether or not the loan proceeds will be used for estate planning purposes, and if so the loan is not going to go through final approval and funding.

I agree that it can be something that makes retirement a little easier for the elderly. I will be retiring in about another 10 or 15 years, and this is something that I am considering depending upon the equity in my house. If my house doubles in value again during that time, I probably will sell it, down size to a condo , and use the excess proceeds to either buy an income producing property or for a conservative investment. If on the other hand the value declines, I may consider a reverse mortgage, and live here without mortgage payments for the rest of my life.

I think that the sub prime implosion has demonstrated that better policing of mortgage transactions is needed. I think special attention needs to be given to reverse mortgages. I did a closing last year, and recently received a call from the title insurer. It seems that the mortgagor only held a life use in the property. The legal title holders had not been parties to the transaction. The title insurer was on the hook. They believe that it was either a mistake in the title search or that the title insurance agent failed to pick up on it when he issued the policy. Hard to conceive of someone not reviewing the deed at the beginning of the application process.

 

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Intelligent life has left the building... - Bobbi Shorthouse, Notary Public/CT
3/3/2008 1:34:36 PM (4298 views)
Re: Reverse Mortgage Problem? - KELLY ROBERTSON/CA
3/3/2008 9:32:40 AM (4098 views)
Re: Reverse Mortgage Problem? - Robert Franco/OH
3/3/2008 11:45:11 AM (4162 views)
Re: Reverse Mortgage Problem? - Jarrod Clabaugh/OH
3/4/2008 10:53:06 AM (4104 views)

[+] abstracts a gogo - Marian Littleton/VA (3 replies)
3/2/2008 8:52:56 PM (3516 views)

[+] In summary APS/NY..... - SMB/IL (2 replies)
2/28/2008 9:34:41 PM (3233 views)

[+] NORTHWEST TITLE ESCROW CORP - john parishy/NJ (14 replies)
2/28/2008 4:45:48 PM (3561 views)

[+] ASA Real Estate Services - . APS/NY (3 replies)
2/28/2008 2:39:53 PM (3191 views)

[+] Landpro, Landguard and Crossroads Land - Donna D'Amore/PA (4 replies)
2/28/2008 2:34:45 PM (3203 views)


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