Reverse Mortgage question

[Doug Wegener]

Just for future use.

When doing reverse mortgages is the Assignment type "refinance" or do we need to mark "other " with a description?

Thanks

 

[ghrousseau]

Just for future use.

When doing reverse mortgages is the Assignment type "refinance" or do we need to mark "other " with a description?

Thanks

Doug, technically it is a refinance. The borrower stays on title and the existing deed of trust is paid off. The new reverse mortgage DOT is recorded.

 

[Mike Boyd]

A purchase can be made using the reverse mortgage program. Otherwise, it's a refi.

 

[RSW]

I used to have a lender that wanted the phrase for reverse mortgage but now they just want it to be the same as if it were a purchase or refi.. If it is for HUD/FHA follow their protocol.

 

[Tom Woolford]

I check the refi box, and note in the purpose of the Appraisal that it is to be used in an FHA Insured Reverse Mortgage.

 

[Doug Wegener]

Thanks to all

 

[Mike Seward]

I check refi, then state it is for a Home Equity Conversion Mortgage (HECM).