Inter Vivos Trust Presentation 31413 Inter Vivos Trusts

Inter Vivos Trust Presentation 3/14/13

Inter Vivos Trusts Home. Bridge allows loans closing in the name of an inter vivos revocable trust subject to the following requirements: § Conventional transactions only § One unit properties only (condominiums are eligible) § Primary residence or second home § Trust must be revocable by the Grantor § All Grantors must be living § The trust was established by a natural person and is effective during their lifetime § At least one borrower must be the beneficiary and an occupant, as well as a trustee whose income/assets are used for qualifying

Inter Vivos Trust Requirements (cont. ) § Title must be held in one trust only § The trust must grant the borrower the power to mortgage and borrow money § Title must approve the loan closing in the name of the trust § Power of attorney is not eligible § Blind trusts are ineligible

Inter Vivos Trusts § Trust documentation requirements vary by state. § Home. Bridge will accept the following as documentation of the trust “subject to title company approval”. ü A complete copy of the trust agreement including all referenced schedules and amendments, signed, dated and notarized, or ü A Certificate of Trust Form, completed by the borrower, and copies of the first page, signature page and successor trustee signature page of the trust. § An Attorney Opinion Letter may also be required by the title company.