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My Father Qick deeded s house to me and it has a reverse…

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My Father Qick deeded his...
My Father Qick deeded his house to me and it has a reverse mortgage on it can we refinances the house
Submitted: 2 years ago.Category: Real Estate Law
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Answered in 16 minutes by:
1/29/2016
Real Estate Lawyer: Barrister, Lawyer replied 2 years ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,562
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney who will try my very best to help with your situation or get you to someone who can. There may be a slight delay in my responses as I research statutes or ordinances and type out an answer or reply, but rest assured, I am working on your question.

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Yes, if the house is now in your name, then there is nothing that would prevent you from taking out a mortgage in the form of a home equity loan to pay off any existing reverse mortgage. There should actually be a clause in the reverse mortgage loan that states if parent dies, or transfers the property, or defaults, or the home is no longer their personal residence, that the reverse mortgage automatically becomes due at that point.

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If the loan officer is telling you that you have to wait a year, I would go and talk to another lender as this may be some type of internal policy..

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thanks

Barrister

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Barrister
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Barrister, Lawyer
Category: Real Estate Law
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Experience: 17 years real estate, Realtor. Landlord 26 years

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