What are some potential roadblocks that could hold up my reverse mortgage transaction?
1.
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SETTLEMENT ROADBLOCKS
-Incomplete or missing Statement of Information (S of I)
-Foreclosure of the property
-Missing or incorrect payoff information
2. TITLE ROADBLOCKS
-Trust and Power of Attorney (POA): Missing documentation
• If you have a borrower who is incapacitated or incompetent, a review of the trust will determine how many doctors’ letters will be required. In most cases, this normally conditions for two doctors’ letters.
• If you are using a POA and the borrower is no longer competent, there should be language within the POA regarding doctors’ letters. This will need to be submitted for review. Please note that it is required that the original POA is recorded in each transaction if it is not already of record.
• If the doctors’ letters are submitted with the trust and the POA, this would eliminate the need for a second review.
-IRS Liens:
•
When there is an IRS lien, obtaining a payoff can take up to 30 days.
-Deceased Parties on Title:
• Please provide deceased party information. This helps eliminate last-minute surprises, especially if a probate or a formal proceeding is required.
