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Is Certificate of Trust for reverse mortgage sufficient in CA?

Is a Certificate of Trust for a Rev. Mort. sufficient in CA?

My father is applying for a reverse mortgage in california and the lender is requiring that he provide the COMPLETE COPY OF THE TRUST.

Note, in California I found the following

(h) Except when requested by a beneficiary or in the context of

litigation concerning a trust and subject to the provisions of

subdivision (e), any person making a demand for the trust documents

in addition to a certification of trust to prove facts set forth in

the certification of trust acceptable to the third party shall be

liable for damages, including attorney's fees, incurred as a result

of the refusal to accept the certification of trust in lieu of the

requested documents if the court determines that the person acted in

bad faith in requesting the trust documents.

Status: Open    May 11, 2016 - 12:50 PM

Senior Real Estate, Finance

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Expert Answers

May 20, 2016 - 04:01 PM

It is correct. I have been specializing in reverse mortgages for over 10 years now, and I have done dozens of transactions involving trusts. No matter which state we lend in, a complete copy of the trust is required so that both underwriting and legal/compliance can review to ensure the trust is compatible and that the directives of the trust are adhered to.


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