Beneficiary For Different Asset Types

Did You know that we have different views of a Borrower who is a beneficiary for different asset types?

When the Borrower is the beneficiary of a Trust that is completely acceptable provided that:

• The Trustee or trust manager confirms the Borrower is a beneficiary of the trust and has access to all or a specific amount of the funds.
• The Trustee or trust manager confirms the trust has sufficient assets to disburse the needed funds to the Borrower.
• Evidence of receipt of disbursed funds from the Trust is REQUIRED.

When the Borrower is a beneficiary of a life insurance policy that IS NOT acceptable. The Borrower MUST be the owner of the policy or the funds will not be used for closing costs, down payment or reserves in any way.

If you are in the market in purchasing a property, contact one of our loan consultants for a full array of loan products and who can answer any of your mortgage questions.