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Inter Vivos Trust Presentation 3/14/13

Inter Vivos Trust Presentation 3/14/13. Inter Vivos Trusts. HomeBridge allows loans closing in the name of an inter vivos revocable trust subject to the following requirements: Con v ent i onal t r an s a ct i ons on l y

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Inter Vivos Trust Presentation 3/14/13

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  1. Inter Vivos Trust Presentation3/14/13

  2. Inter Vivos Trusts HomeBridge allows loans closing in the name of an inter vivos revocable trust subject to the following requirements: • Conventional transactionsonly • Oneunit propertiesonly (condominiumsareeligible) • Primaryresidenceorsecondhome • TrustmustberevocablebytheGrantor • AllGrantorsmustbe living • Thetrustwasestablishedbyanaturalpersonandis effectiveduring theirlifetime • Atleastoneborrowermustbethebeneficiary andanoccupant,aswellasa trusteewhoseincome/assetsareusedforqualifying

  3. Inter Vivos Trust Requirements (cont.) • Title must be held in one trust only • The trust must grant the borrower the power to mortgage and borrow money • Title must approve the loan closing in the name of the trust • Power of attorney is not eligible • Blind trusts are ineligible

  4. Inter Vivos Trusts • Trust documentation requirements vary by state. • HomeBridgewillacceptthefollowingasdocumentationofthe trust“subjecttotitlecompanyapproval”. • Acomplete copyofthe trustagreementincludingallreferenced schedulesandamendments,signed,datedandnotarized,or • ACertificateofTrustForm,completedbytheborrower,and copies ofthefirst page,signaturepageand successor trusteesignature pageofthetrust. • AnAttorneyOpinionLettermayalsoberequiredbythetitle company.

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