Posted on: 15th Aug, 2009 12:15 pm
What is the right coverage of reverse mortgage title insurance policy?
check this out
http://www.mortgagefit.com/reverse.html
http://www.mortgagefit.com/reverse.html
Reverse mortgage title insurance amount can not be less than market value and mortgage loan principal of lender's title coverage.
Title rule may different for states on reverse mortgage titel issues.
If loan amount is more for large property then cost of title insurance policy for reverse mortgae loan will be higher.
Title insurance cost on reverse mortgage is not the serious issue. This is not so important.There may be identity fraud and forgery are the largest possible title issues for senior homeowners to arise, but this is valid for other homeowners, as well.
Title rule may different for states on reverse mortgage titel issues.
If loan amount is more for large property then cost of title insurance policy for reverse mortgae loan will be higher.
Title insurance cost on reverse mortgage is not the serious issue. This is not so important.There may be identity fraud and forgery are the largest possible title issues for senior homeowners to arise, but this is valid for other homeowners, as well.
In addition to above post I want to add some more things in it.
There are some advice on reverse mortgage as expalined below.
Reverse mortgages could be targeted by scam artists. As subprime adjustable home loan are vanishing for the present mortgage life cycle, there will be possibility of rise in scams and frouds in reverse mortgage.
One should always prefer to go for reverse mortgage with reputed bank than the private mortgage company.
There are some advice on reverse mortgage as expalined below.
Reverse mortgages could be targeted by scam artists. As subprime adjustable home loan are vanishing for the present mortgage life cycle, there will be possibility of rise in scams and frouds in reverse mortgage.
One should always prefer to go for reverse mortgage with reputed bank than the private mortgage company.