What docs are to be signed by a non-borrowing spouse?

Non-borrowing spouses are required to sign the Mortgage, CD and Right of Rescission (if applicable).

Can non-borrowing spouse be on title?

A non-borrowing spouse (and other non-borrowing owners) may remain on title and not be HECM borrowers. Non-borrowing owners will be required to sign a consent form acknowledging the HECM loan. A HECM is not assumable by the non-borrowing spouse or heirs.

Can a non borrower be on title?

A person who is an owner but does not have an obligation to repay the loan is sometimes referred to as a “non-obligor” or “non-borrower.” One easy solution would be to have the additional name(s) added to the deed after closing. In conclusion, you can be a title holder and not be obligated to the loan.

What is a non-borrowing owner agreement?

Under this form of ownership, when one spouse dies, title to the property passes to the surviving spouse entirely without the need for probate. An advantage of this form of ownership is that no legal proceeding needs to take place at the death of one’s spouse.

What does a non borrowing spouse mean?

Non-Borrowing Spouse means the spouse, as determined by the law of the state in which the spouse and Borrower reside or the state of celebration, of the Borrower at the time of closing and who is not a Borrower of the HECM loan.

Do I have a non-borrowing spouse?

A non-borrowing spouse is the spouse not listed as a borrower on the Home Equity Conversion Mortgage (HECM) or reverse mortgage contract. The non-borrowing spouse: Is married to the borrower at the time of the loan closing and remained married to the borrower for the duration of the marriage.

Who is a non-borrowing spouse?

*Definitions. Non-Borrowing Spouse means the spouse, as determined by the law of the state in which the spouse and Borrower reside or the state of celebration, of the Borrower at the time of closing and who is not a Borrower of the HECM loan.

What does it mean to be a non-borrowing spouse?

What kind of documents can a non borrowing spouse sign?

These are the documents that are typically signed by the non-borrowing spouse: 1 Deed of Trust and Riders 2 Right to Cancel 3 Truth in Lending 4 Itemization of Amount Financed

Can a non obligor be a title holder?

In conclusion, you can be a title holder and not be obligated to the loan. If you have any questions about a Non-Obligor Title holder contact us by calling (781) 319-1900. Copyright © 2019 Stiles Law, All rights reserved.

Do you have to have non borrowing spouse at closing?

In short, the list may vary, so check with the title company. There is something that I always do when there is a non-borrowing spouse at the closing. Since he or she is only required to sign a few documents, there is no point in making them sit through the entire closing.

Who is not considered a borrower on a FHA loan?

Furthermore, “If the party in question must execute only the security instrument and not the note, he/she is not considered a borrower for FHA purposes, and therefore need not sign the loan application or be considered in credit underwriting.”