The ARS Calculator has been updated to reflect a new fee in North Carolina. A $15 commitment fee will apply to all mortgage transactions, effective June 9 2017.
We stand behind our rate calculator, which is why we advise you to pull a new quote for each application, to ensure you are receiving a current fee. If you do not have access to our calculator, please inquire with us for a login.
Reverse mortgages are complex and being prepared is key to a successful closing. We are happy to share our experience and knowledge with you and together we can make the borrower’s experience a pleasant one.
Title Review 101
June 14, 2017 – 10:00am PST/1:00pm EST
Please join us for our upcoming webinar on Title Review 101. We will discuss the basics of title insurance, title commitments and how to review the reports for important and relevant information that will need to be addressed during the transaction.
Click here to register.
Introduction to Allegiant Reverse Services
June 21, 2017 10:00am PST/1:00pm EST
Our team of respected and seasoned industry professionals brings a stellar reputation along with added services to fulfill the needs of our industry partners. Please join our webinar to learn about our company and the services that we offer.
Click here to register.
Life estates are often encountered by reverse mortgage professionals during the origination process. Reverse professionals should have a good understanding of what a life estate is in order to guide their clients and transaction to a successful closing.
A life estate is a type of ownership interest in real estate. In a life estate one person is given an ownership interest in real estate for their lifetime. This person is called a life tenant. At the death of the life tenant, the real estate passes automatically to one or more other individuals or organizations. The people or organizations that receive the property at the death of the life tenant are called remainderman.
It is important to understand that a life estate is a form of co-ownership. Both the life tenant and remainderman each have an ownership interest in the real estate, but at different periods in time. Unlike other forms of co-ownership, the co-owners do not have rights to the property at the same time. Rather, the life tenant possesses the property during their life. The other co-owner, the remainderman, holds a current ownership interest in the property but cannot take possession of the property until the death of the life tenant.
Read more about life estates by accessing our educational flyer below:
Title Tidbits Life Estates
We are pleased to inform you that two new flyers have been added to our list of educational documents. Our library currently includes:
-Rate Calculator Guide
-Spotting Elder Abuse and Fraud
-Signing by Mark
-Power of Attorney Fraud
-Trusts
-Checklist for a Smooth Closing
-Power of Attorney
-New! Manufactured Homes
-New! Conservatorships
To request a copy of any of the available documents please click here.
Instead of Title Tales this month, how about Title Tips? Specifically, Title Tips for Trusts (say that ten times fast and see where your tongue ends up!). ARS specializes in reverse mortgages, and for obvious reasons there are many more trusts to review in proportion to orders than for any other loan type. They keep […]
Written by: Mylene Marcelo, Title Manager/Title Officer We have a current vesting deed adding son into title dated 2017 as joint tenants with rights of survivorship. The Deed was executed by a Power of Attorney (POA) made by Wilma, Principal to Fred Jr., as Agent. The POA was dated 1997. Wilma was competent at the time […]
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