The reverse mortgage is a loan which has no monthly repayments during its term. Reverse mortgage terms is not fixed and repayment is scheduled by specific life conditions and events which may include some of the following:

• Borrower death.
• property sale.
• No longer residing in said property.
• Contract breach.

A reverse mortgage has a no default clause unless the reverse mortgage loan agreement specifies default conditions.
Who can apply for a reverse mortgage and Reverse Mortgage Requirements:
• 60 years old and over.
• Loan amounts granted are typically 50% LVR and are determined by the “loan to valuation ratio” (LVR). The LVR is defined by the percentage of the amount advanced against the value of the mortgaged property.
• Reverse mortgage applicants must own the property free and clear with no existing mortgages. Typically, the loan security is the reverse mortgage borrower’s primary residence.

Like with any loan, fees are involved. However, with a reverse mortgage there are costs associated with this form of a loan for borrowers. Costs of reverse mortgage. For example:
1. Application fees are charged to the borrower regardless if you proceed with the loan or not.
2. Reverse mortgage interest rates can be determined by fixed or variable interest therefore, your debt values increase over time.
3. There may be additional reverse mortgage loan costs such as recurring monthly account fees, scheduled property revaluations and compound interest charges.

Reverse mortgage borrowers may have the ability to choose a variety of options how they wish to receive their funds.
1. Lump sum.
2. Regular income.
3. Credit line.

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To sum it up, purchasing a notary bond is a state requirement to become a notary public. I hope this overview has shed some light on why this is needed to protect the public trust!