Skip to content

Signature Lines in ReversePilot

Loan Documents

Generally speaking, loan documents must be signed by all borrowers. However, some specific documents must be signed by additional parties. This explains how ReversePilot handles signature lines.

Borrowers

Standard borrower signature lines will populate based on the borrower "Signature" field.

This field will pre-populate as the borrower's first and last name. However, if they sign differently, this can be updated based on the screenshot below:

signatures.png

Non-Borrowing Owner

A non-borrowing owner is someone who holds title to the property but is not a borrower on the reverse mortgage loan. In reality, a non-borrowing owner is frequently a child or sibling of the borrower. Non-borrowing owners do not have the right of deferral, and upon a maturity event, they must vacate the property.

A non-borrowing owner must sign the following documents:

  • Security Instrument
  • Notice of Right to Cancel
  • Truth in Lending Disclosure

Non-borrowing owners may be added to ReversePilot, and their signatures will populate on these documents automatically.

Non-Borrowing Spouse

A non-borrowing spouse is a spouse who holds title to the property, but they are not a borrower on the loan.

Trustees

If a property is closing in a trust, a "Trustees" section will appear in ReversePilot.

The trustees must sign the same documents as the non-borrowing owner:

  • Security Instrument
  • Notice of Right to Cancel
  • Truth in Lending Disclosure

However, the trustee will normally sign with the name "John Doe, Trustee". Trustee signature lines can be added within ReversePilot, and as many trustee signatures may be added as needed. These signatures will populate in the system automatically.