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Listen "Reverse Mortgage Safeguard #7 - No Penalty for Cancelling"
Episode Synopsis
With a Reverse Mortgage, there is no penalty for canceling the loan. After the borrower signs their final loan documents, they have up to three days to cancel the transaction. This so-called ‘Right of Rescission’, allows the borrower(s) to back out of the loan for any reason whatsoever without penalty. This also means that the loan will not fund until the three-day right of recession period is over. With the extent of education and communication we provide, this is extremely rare, but the safeguard is still in place
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