Reverse Mortgages || All Answers Are Correct 100%.

Borrower's Estimated Closing Statement correct answers A settlement statement is a document given to borrowers at closing that itemizes services and fees charged to the borrower by the lender or broker. It also contains a good faith estimate. A settlement statement is a document that summarizes the terms and conditions of a settlement, most commonly a loan agreement. A loan settlement statement provides full disclosure of a loan's terms, but most importantly it details all of the fees and charges that a borrower must pay extraneously from a loan's interest. Preliminary Report correct answers "This is your preliminary report which is an offer to issue a policy of title insurance in the future for a specific fee." Once you've opened escrow on a property, you will receive a preliminary report. This is an offer to issue a title insurance policy and it will describe the terms under which a policy will be issued. The preliminary report will include items such as the owner's name, property legal description, and any exceptions to the title policy. While every property will have some exceptions, certain exceptions must be removed before a title policy can be issued. One example is a deed of trust securing a loan. The loan must be paid in full in order to secure a release and issue a title policy. It is important to review your preliminary report and understand any exceptions or exclusions from title policy. Grant Deed correct answers "This document is the Grant Deed which transfers title from one entity to another." Grant deed & Quit Claim Deed are essentially the same thing. Grant Deed/Quit Claim Deed always removes or adds someone's interest in the property. It is a legal document used to transfer ownership of real property and proving that the title has not already been granted to another person. It contains the name of the person or entity transferring the property and a full description of the property's details such as lot number, tract number, and city and state. Preliminary Change in Ownership Report correct answers "This is the Preliminary Change of Ownership Report which accompanies the Grant Deed. Please 1. write the address you wish to have the property tax information sent to. 2. Put your telephone number. 3. check whether or not the property is intended to be your principal residence. 4. If yes, date of occupancy, 5. Complete all statements in the transfer information below." Closing Instructions correct answers Having a list of the included documents in a reverse mortgage loan package in the "Closing Instructions" is extremely helpful, for reverse mortgage loans typically contain many forms. The Notary Signing Agent should check to ensure that each form appears in the package.