The Reverse Mortgage Agreement serves as a critical financial instrument in the United States, designed specifically for senior homeowners seeking to access their home equity without selling their property. This document type emerged from the Housing and Community Development Act of 1987 and is primarily governed by federal regulations through the FHA-insured Home Equity Conversion Mortgage (HECM) program. The agreement outlines crucial terms including loan amounts, interest rates, disbursement methods, borrower obligations, and conditions that would make the loan due and payable. It's essential for both lenders and borrowers to understand that this complex financial arrangement differs significantly from traditional mortgages in terms of repayment structure and obligations.
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1. Parties: Identifies lender and borrower(s), including property owner details
2. Background: States purpose of reverse mortgage and property details
3. Definitions: Key terms including Principal Limit, Expected Rate, and other relevant terminology
4. Loan Terms: Principal amount, interest rate, payment terms and conditions
5. Property Requirements: Occupancy, maintenance, and insurance requirements for the mortgaged property
6. Borrower Obligations: Tax payments, insurance maintenance, property upkeep and other borrower responsibilities
7. Maturity Events: Conditions that make the loan due and payable
1. Non-Borrowing Spouse Provisions: Rights and protections for non-borrowing spouse when borrower is married but spouse isn't on title
2. Line of Credit Provisions: Terms and conditions for accessing funds through credit line when loan includes this option
3. Monthly Payment Terms: Specific terms and conditions for regular disbursements when borrower chooses monthly payments
1. Payment Plan Exhibit: Detailed breakdown of chosen payment plan and associated calculations
2. Property Description: Legal description and details of the mortgaged property
3. Required Disclosures: Federal and state-mandated disclosure forms and documentation
4. Counseling Certificate: Documentation proving completion of required HUD-approved counseling
5. Insurance Requirements: Detailed specifications for required insurance coverage
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