Legal Reverse Mortgage Consent Form

LEGAL REVERSE MORTGAGE CONSENT FORM

This Legal Reverse Mortgage Consent Form (the "Consent") is made and entered into as of by and between Lender Name: and Borrower Name: .

RECITALS

WHEREAS, Borrower owns certain real property located at (the "Property");

WHEREAS, Borrower has applied for a reverse mortgage loan with Lender identified by Loan Number: ; and

WHEREAS, Lender requires a written, informed consent from Borrower (and any occupying non-borrowing spouse or permitted occupant) acknowledging certain rights, obligations, and consents necessary for closing and servicing the reverse mortgage.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:

1. DEFINITIONS

For purposes of this Consent: "Borrower" means the individual(s) executing below; "Lender" means the entity identified above; "Reverse Mortgage" means the home equity conversion mortgage to be secured by the Property; "Non-Borrowing Occupant" means any spouse or other person residing in the Property who is not a borrower on the loan.

2. CONSENT AND ACKNOWLEDGMENT

Borrower hereby knowingly and voluntarily consents to the making of the Reverse Mortgage on the Property and acknowledges that the Reverse Mortgage will create a lien against the Property securing repayment in accordance with the loan documents. Borrower further acknowledges that repayment obligations and maturity events are set forth in the mortgage and promissory note.

Borrower authorizes Lender to order and receive reports, appraisals and other information necessary to process and service the loan, including credit reports and property inspections: I consent to ordering appraisals, inspections and credit reports.

3. BORROWER REPRESENTATIONS AND WARRANTIES

Borrower represents and warrants to Lender that: (a) Borrower is the lawful owner of the Property and has full authority to execute this Consent; (b) Borrower occupies the Property as Borrower's principal residence; and (c) all information provided to Lender in connection with the Reverse Mortgage is true, complete and accurate to the best of Borrower's knowledge.

Borrower confirms primary residence status: Borrower currently occupies the Property as primary residence.

4. TAXES, INSURANCE AND MAINTENANCE

Borrower agrees to remain current on property taxes, homeowners insurance, hazard insurance and any other required assessments and to maintain the Property in good repair. Borrower understands that failure to pay taxes or maintain insurance may constitute a default under the loan documents and may accelerate the loan.

5. COUNSELING ACKNOWLEDGMENT

Borrower acknowledges receipt of independent counseling regarding the nature of the Reverse Mortgage and confirms that Borrower has participated in counseling in accordance with applicable program requirements.

6. NON-BORROWING OCCUPANT

If there is a non-borrowing spouse or other occupant living in the Property, such occupant's rights and obligations are set forth in the mortgage and related documents. The occupant is advised to review those documents and to provide any separate acknowledgments requested by Lender.

Non-borrowing occupant consents to the filing of the mortgage lien against the Property: I consent.

7. NOTICES

All notices, demands and communications required or permitted under this Consent shall be in writing and shall be delivered to the addresses set forth below or to such other address as either party may designate by written notice in accordance with this Section.

8. AMENDMENTS; WAIVER

This Consent may be amended only by a written instrument signed by both parties. No waiver by either party of any breach or failure to enforce any provision will be deemed a waiver of any other or subsequent breach.

9. GOVERNING LAW

This Consent shall be governed by and construed in accordance with the laws of the state in which the Property is located, without regard to conflict of laws principles that would apply another jurisdiction's laws.

10. ENTIRE AGREEMENT; SEVERABILITY

This Consent, together with the loan documents and any exhibits attached hereto, constitutes the entire agreement between the parties with respect to the subject matter hereof. If any provision of this Consent is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

11. COUNTERPARTS; ELECTRONIC SIGNATURES

This Consent may be executed in counterparts, each of which is an original and all of which together constitute one instrument. Signatures delivered by electronic means shall be deemed original signatures for all purposes.

Sign Now