Who Will Service My Reverse Mortgage Loan At Closing And Beyond?

Tips to help you understand who will service your reverse mortgage loan at closing and beyond.

You have the right to choose who you want to do the closing on your reverse mortgage loan. This can be an attorney or a settlement agent.. A settlement agent is usually referred to as the closing company.

The Closing Company

This agent may represent both the buyer and the seller or it may be one who only represents the buyer. Each closing company has an attorney on their staff who must review all the documents, including the title to the property and make sure everything is correct. Once the attorney has determined that everything is correct, the closing company will continue with the closing of the loan.

Who Attends The Closing

A representative from your reverse mortgage company will attend the closing. This would normally be the agent or loan officer with whom you have been working. This agent will have discussed the payment plans with you before hand and required your signature on the documents.

Closing Procedures

The closing company will explain the procedures to you before the closing date. You will be instructed concerning any amounts of cash that are expected from you on that day. Every aspect of documentation, including title searches and survey’s will have been completed before the closing date.

How Payments Will Be Made On Your Reverse Mortgage Loan

After completion of the closing you will be given the keys to your property and payment instructions along with your mortgage documents. A payment receipt book will be sent to you by the lender.. The first payment is usually due thirty to forty five days from the date of closing.

Paying The Closing Costs

Personal checks are usually not accepted at closings, so you should have a cashiers check ready or make arrangements for the closing costs to be paid electronically.

Related posts:

1. Are Fees And Closing Costs Negotiable On A HECM Reverse Mortgage?
2. Are Fees And Closing Costs Negotiable On A HECM Reverse Mortgage?
3. How Does The Service Set-Aside Work On A Reverse Mortgage?
4. Should I Use An Estate Planning Service To Find A Reverse Mortgage?
5. How Does The Service Set-Aside On A Reverse Mortgage Affect Me?

This entry was posted on Wednesday, April 14th, 2010 at 2:09 pm and is filed under reverse mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.