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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4434
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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Three siblings, all now seniors, inherited a house in a trust

Customer Question

Three siblings, all now seniors, inherited a house in a trust from their mother. Only 1 of the siblings is using the house as a principal residense. Is there any way to get a reverse mortgage on the house and if so, without loosing the tax advantages of prop 13?
Submitted: 4 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 4 years ago.

Dear Sir,

 

I am afraid as since the remaining of your siblings have their own home, prima facie, you may not be able to get reverse mortgage loan as only one of you has used it as your Primary Residence, which is the primary requirement of being eligible.

 

However, the best persons to tell you if there is any way out (though I did not find any) would be to speak to your HECM Counselor online at https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or by calling at(NNN) NNN-NNNN

 

The http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten will serve you as a great reference.

 

Let me know if this helps...

Warm Regards,

Rakhi Vasavada and other Finance Specialists are ready to help you
Customer: replied 4 years ago.
Who would know the answer to my question and if positive, how to go about it? Otherwsise the question is useless. The references provided did not lead to aything that answereed or began to answer my question. Al
Expert:  Rakhi Vasavada replied 4 years ago.

Dear Friend,

 

Let me again make it simpler. As I mentioned in my original reply, the best person, who would be able to answer your question would be HECM Counselor and you may reach out to him to the link provided https://entp.hud.gov/idapp/html/hecm_agency_look.cfm or by calling at(NNN) NNN-NNNN

 

What I tried to convey that primarily, you all may not be eligible for reverse mortgage as only one of you have used the home as a primary residence.

 

In absence of any further details of your siblings and their current home, It is best advised to talk with the HECM Counselor along with help of a professional attorney who will find out some fine prints to make you eligible, which in my opinion would be difficult as we cannot have ALL of your details.

 

I am trying to send you in right direction.Talk to the counselor and you will definitely find some way out for this.

 

Dont hesitate to rever for any further assistance.

 

Warm Regards,