Reverse Mortgage & Certificate of Occupancy

By
Mortgage and Lending with Jack Tenold LLC Jack Tenold NMLS 10261

Reverse Mortgage & Certificate of Occupancy

On the anniversary of your reverse mortgage close date, you will receive a letter from your lender which must be signed and returned.   The "Annual Occupancy Certificate" is very, very important to your Lender and the FHA  They want to know that you are residing
Certificate of Occupancyin your home.  After all, their only collateral is your home. therefore, you are required to certify that such is true.

 

It is all very simple: sign, date and return.  

 

 Guidelines require that you live in the property as your primary residence, maintain it, pay taxes and insurance and pay HOA dues (if applicable) just as you would with any home loan. There is no devil in the details regarding Reverse Mortgages. Reverse Mortgage loans continue to grow in popularity because they produce the results the loan was designed for................ Helping seniors to stay in their homes.  Baby boomers are taking a good hard look at them too as a way to make their savings and investments last longer at retirement.   

Because a backup note and deed of trust are signed at closing, seniors holding reverse mortgages slide easily from one lender to another if a lender happens to fail, thus preserving the open line of credit for the borrower.  

Title to your home stays in your name and no, the bank does not get your home.  That's why you're still paying your taxes and insurance!

If you have questions regarding your existing reverse mortgage or you would like to learn more, consult a Reverse Mortgage Specialist.  

 

Sign and return the Certificate of OccupancyA Reverse Mortgage is a good home loan.  A Certificate of Occupancy is an important document.  Sign and return.  

 

 

Posted by
Jack Tenold NMLS 10261                                                       
      
You can reach me anytime at
     509-710-2227 no strings attached                             
 

Email:  Jack@JackTenold.com

Website: JackTenold.com

Refinance & Purchase  |   Reverse Mortgage Specialist 
Licensed to assist homeowners and home buyers in Washington
 
         Jack Tenold LLC Washington License No. MB-1819307  Office: 203 N Washington St Suite 200L Spokane, WA 99201      
 
                    Facebook Logo           
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comments (1)

Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the information. I will share it with others.

Oct 14, 2014 09:30 PM