Respuesta :

danny400cpw

Answer:

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1.

annyksl

Reverse mortgages are the type of loan that typically uses the HUD-1 instead of Closing Disclosure.

This is because the HUD-1 allows for better organization of reverse mortgage terms, allowing everyone involved in the reverse mortgage to better understand their contractual obligations.

It is important to emphasize that the HUD-1 is a document where the terms, values ​​and charges of a real estate contract are presented. As the HUD-1 is designed for use in real estate agreements, its use in reverse mortgages is extremely beneficial.

In relation to reverse mortgages we can state that:

  • These are mortgage loans;
  • Allows the buyer to access the free value of the property.
  • Allows the promotion of loans to older users.
  • No monthly payment required.

Based on this, we can conclude that because it is directly related to real estate loans, the HUD-1 is efficient in presenting and organizing the terms of a reverse mortgage.

You can find more information about this at the link below:

https://brainly.com/question/12935382?referrer=searchResults