Trusts and Reverse Mortgages

Reverse Mortgages and Revocable Trusts: four guidelines

1. The Trust must be revocable
2. All assets of the trust must go to the borrower until deceased
3. The trustee must have the power to encumber the property
4. The trust must be written in the state where the property is located.

If the these four guideline are meet your Reverse Mortgage should go through underwriting.

Eben Johnson www.mireverse.com

Reverse Mortgage Marketplace

Seniors eligible for a Reverse Mortgage number around 20,000,000 in America today. By 2016 that number is expected to be 40,000,000. The HECM loan is the most popular choice for reverse mortgage borrowers. If you are eligible or know someone eligible please post your Reverse mortgage questions here.

Eben Johnson
www.mireverse.com

Reverse Mortgage Appraisal

Appraisals for reverse mortgages must include an estimate for the cost of the home as new.

This is needed to evaluate the borrowers home owner insrance policy coverage.

Eben

www.mireverse.com

FHA Spot Condo Affidavit form 333-3W

Condos are eligible for FHA spot approval on Reverse Mortgage Loans.
A FHA Spot Condo Affidavit form 333-3W must be filled out by the Home Owners Association.
For the HECM Reverse mortgage no more the 10-20% of the total units can be encumbered by FHA insured mortgages, this includes Reverse Mortgages.

Eben Johnson Wisconsin Reverse Mortgage Loan Officer