Question
Must reverse mortgage borrower(s) sign their annual occupancy form?
Answer
Yes! HUD requires borrowers to provide proof that they still occupy the home every year by signing an annual occupancy form.
On the anniversary of the day the loan was closed, the servicer mails an annual occupancy certification. The form is very simple. It states the guidelines and asks them to acknowledge that they are still residing in the home as a primary residence.
The servicer will ask the borrower to complete the form with their current phone number and email address, if they have one, and whether their next of alternate contact has changed.
Servicers may vary what they ask on the forms, but basically, the borrower must sign and acknowledge that they occupy the property.
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