ReverseVision

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Closing 

Closing a reverse mortgage differs significantly from closing a “forward” mortgage. ReverseVision makes closing easy. Dates and numbers are calculated automatically.

 

Liens Pay-off

Liens and mortgages need to be paid off at the closing of a reverse mortgage. ReverseVision provides all the calculations for the payoff of such liens. The outstanding liens are calculated accurately, with per diem calculations; and any funds provided directly by the borrower are taken into consideration.

Payment Plan

ReverseVision performs all the recalculations for closing through a powerful, yet easy to use interface. The complete payment plan is presented on one screen with warnings alerting the closer of any suspicious discrepancies.

Settlement

ReverseVision supports the closer through the whole settlement process. The closer can predefine settlement agents, trustees for the deed of trust (in deed of trust states), and payees, eliminating all repetitive typing. Signature lines are suggested by ReverseVision, but can be altered by the closer.

Date Calculation

Essential dates such as the date when repairs have to be completed are proposed by ReverseVision and can be adjusted by the closer. ReverseVision is the assistant, the closer is the decision maker.

Locked Rates

Unlike with “forward” mortgages, with reverse mortgages the lower rate is not always the better one. ReverseVision evaluates all rate lock conditions including expiration of the rate lock and automatically selects the better of the available rates, either the locked in rate or the actual rate.

 

Closing.pdf