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I have a reverse mortgage on my home and need to do some…

Customer Question
I have a reverse...

I have a reverse mortgage on my home and need to do some repairs, if I finance with the PACE Program how will that effect my reverse mortgage lender

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

California, the loan would be repaid by a special assement to my property taxes. But I think the PACE program wants to be in the first position at the county recorders office.

Lawyer's Assistant: Has any paperwork been filed?

I have not returned the financial documents yet. They do it by e signature

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I need to know if the carrier of my reverse mortgage can call the loan due and payable

Submitted: 10 months ago.Category: Real Estate Law
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Answered in 4 hours by:
9/19/2017
Real Estate Lawyer: Michael Bradley,
 replied 10 months ago
Michael Bradley
Category: Real Estate Law
Satisfied Customers: 1,646
Experience: Owner at The Protection Group LLC
Verified
You can try to get the PACE financing but I suspect they will deny since the reverse mortgage ties up so much if the equity in the home. Reverse will be first in line and not willing to give up its position.
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Real Estate Lawyer: Michael Bradley,
 replied 10 months ago
The only way to know for sure about calling in the reverse financing would be to look at the note and mortgage you signed with reverse. They can only do it if the contract allows it
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