Notary Blog: Reverse Mortgage Also Known as an HECM in Easley, South Carolina

Making the decision to apply for a Reverse Mortgage (also known as a High Equity Conversion Mortgage or HECM) is major. A Reverse Mortgage is one in which the borrower or borrowers are borrowing against the equity already accumulated in their home. There are certain risks attached to this process. To learn more about Reverse Mortgages, you can navigate here.

The only persons eligible for a Reverse Mortgage are those age 62 or older and their spouses. Often there is a situation where a 62-year or older individual is the borrower and their spouse is not on the loan. In this case, the spouse who is not borrowing is considered the ‘Non-borrowing Spouse’ and has to sign a waiver or spousal consent of sorts, attesting to the fact that they are not obligated to pay back the loan their spouse has applied for.

A 100+ page Reverse Mortgage package on behalf of an unnamed company was delivered to a residence in Easley, South Carolina on the afternoon of Friday, February 10, 2017. The application process for the signer(s) took one (1) hour to complete.

Thank you to the Signing Service associated with today’s signing completed by State of South Carolina Notary Signing Agent and Owner Sonita M. Leak.

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