Common use of Loan Closing Clause in Contracts

Loan Closing. The lender may require the borrower to pay no more than actual closing costs incurred in connection with the making, closing, disbursing or extending of a reverse mortgage loan. A reverse mortgage loan agreement or extension agreement may provide for deferral of payment of any portion of actual closing costs. Deferred closing costs shall be added to the outstanding loan balance as provided in subdivision 1, clause (e). Unless the agreement provides for deferral, actual closing costs shall be paid by the borrower at the time of signing the agreement. Upon signing a reverse mortgage loan agreement or extension agreement the lender shall furnish to the borrower: (a) A schedule showing the projected pattern of the outstanding loan balance over the period of the agreement; (b) A statement indicating in detail the charges and fees the borrower has paid or is obligated to pay to the lender or to any other person in connection with the loan; and (c) Any other information required by state or federal law.

Loan Closing. The lender may require the borrower to pay no more than actual closing costs incurred in connection with the making, closing, disbursing or extending of a reverse mortgage loan. A reverse mortgage loan agreement or extension agreement may provide for deferral of payment of any portion of actual closing costs. Deferred closing costs shall be added to the outstanding loan balance as provided in subdivision 1, clause paragraph (e). Unless the agreement provides for deferral, actual closing costs shall be paid by the borrower at the time of signing the agreement. Upon signing a reverse mortgage loan agreement or extension agreement the lender shall furnish to the borrower: (a) A schedule showing the projected pattern of the outstanding loan balance over the period of the agreement; (b) A statement indicating in detail the charges and fees the borrower has paid or is obligated to pay to the lender or to any other person in connection with the loan; and (c) Any other information required by state or federal law.