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.
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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.
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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.
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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.
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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.
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