Reverse Mortgages in Servicing Director

Reverse Mortgages in Servicing Director

Does Servicing Director support Reverse Mortgages?

 

Definition of Reverse mortgages : 

Unlike an ordinary mortgage, which involves payments by the borrower to the lender, a reverse mortgage involves payments by the lender to the borrower. It is an arrangement whereby homeowners get cash (usually in the form of monthly payments or a lump sum) in return for a mortgage on their home, which is used as security against the loan. This is a strategy sometimes used by retired homeowners who need to supplement their income. A reverse mortgage is one way of tapping into the value of a home.

Workaround:

Servicing Director currently does not support Reverse Mortgages and no workaround exists whereby any reverse mortgages can be serviced.

There are no plans in place to add this functionality.

ArticleNumber:

000066504

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