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Loren
Loren, Attorney
Category: Estate Law
Satisfied Customers: 29012
Experience:  30 years experience in the practice of estate law.
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Can a reverse mortgage be done in a living trust

Customer Question

Can a reverse mortgage be done for house in a living trust
Submitted: 6 months ago.
Category: Estate Law
Expert:  Loren replied 6 months ago.
Good afternoon. I am Loren, a licensed attorney and I look forward to assisting you.As a general rule, a revocable trust is not a bar to obtaining a reverse mortgage. The trust will need to be vetted to make sure it meets FHA qualifications, such as income distribution rules, but even in a noncompliance situation, the trust can be modified to meet the necessary requirements.
Customer: replied 6 months ago.
How do I go about modifying to meet the necessary requirements for the trust
Expert:  Loren replied 6 months ago.
The lender would review the trust and give you the underwriting requirements so that the trust will comply. Then you can modify the trust as they would direct.
Expert:  Loren replied 6 months ago.
Are you still online with me?
Expert:  Loren replied 6 months ago.
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