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Servicing: What Happens After a Reverse Mortgage Closes? Part I 

It’s no surprise that forward mortgages differ in many ways from reverse mortgages, and the servicing responsibilities involved in both processes reinforce those differences. With a forward mortgage, borrowers rarely interface with their servicer and several forward mortgages may be held throughout one’s lifetime. With a reverse mortgage, servicing functions for the majority of borrowers will proceed without incident for the life of the loan. For others, phone calls to a service center will initiate shortly after the loan is closed and will continue for the life of the loan. Reverse mortgages will typically be held through the remainder of