If you take out a reverse mortgage loan, you must remain current on your property taxes and any condo fees (if applicable), and you must have sufficient homeowners insurance coverage.Just as with any other type of home loan, a reverse mortgage means your lender wants some type of collateral to protect the investment in the invent your home is damaged or destroyed by a fire or some other disaster.It would not be uncommon for there to be a lapse of days or even weeks between the time commercial terms are agreed and the date of final contract execution.Even for a simple document such as a Non-Disclosure Agreement (or Confidentiality Agreement), the parties may legitimately want the document to take effect from an earlier date.If you didn't know you were eligible for unemployment benefits, you may be able to get your payments back-dated.
But like all good things, reverse mortgages have restrictions.
In this article, the author writes: “Backdating by itself is not generally, at least with respect to private agreements, illegal.
Rather, it is the use of the backdated documents by the parties or their counsel that may violate the law.” The US approach seems to be founded on the principle that parties to an agreement (or deed) are free to agree that the document is to take effect prior to the date of execution – this is often denoted by dating the document “as of” the earlier date. Bradley Real Estate Trust, the US Court of Appeals (7th Cir.
For example, Florida and North Carolina provide up to 12 weeks, Georgia provides up to 14 weeks and Kansas provides up to 16 weeks.
Montana, on the other hand, provides longer period of 28 weeks.