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Showing posts with the label Home equity conversion mortgage

Is a Reverse Mortgage Right For You?

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Like most people, I'm exploring different strategies that will allow me a comfortable retirement. As we all know, retirement requires money!  One of the options at my disposal is a Home Equity Conversion Mortgage (HECM) or commonly know as a reverse mortgage. It is a home loan only for homeowners who are 62 and older. With a reverse mortgage loan, monthly mortgage payments are eliminated. Interest and fees are added to the loan balance each month and the balance grows. The loan is repaid when the borrower passes away or no longer lives in the home.  Reverse mortgage borrowers must pay property taxes, homeowners insurance, keep the property in good condition, and use it as their primary residence. As a notary signing agent, I've sat at the signing table with many a borrower guiding them through their reverse loan documents. These borrowers who utilize this type of loan product were able achieve their financial freedom while not having to move out of their house. In one instan...

FACT: You Can Choose Your Notary Signing Agent

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It's true. If you're familiar with real estate loans, you've probably seen a section on the loan estimate disclosure form, also known as Good Faith Estimate , that says "Services you can shop for".   These services, as pictured at right, are Pest Inspection Survey Insurance binder Lender's title policy Settlement Agent Fee (AKA escrow or title) Title search While a notary signing agent is not specifically listed, you can ask your escrow officer (or your real estate agent) to use your trusted notary signing agent. It should be noted that not just any notary will do; she should be a certified notary signing agent. (See my blog post on NSAs.)    Why would you want to choose your own notary signing agent? The notary signing agent's job, while a small step in a long process in the acquisition of real estate, is important nonetheless. A misstep at the end of the process can derail the whole transaction. Personalized service with a seasoned NSA can make all the d...