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Reverse Mortgage

I have two Forgivable loans out there contingent upon my occupying the property for five years and they will drop off! I would have to lived here for the Reverse Mortgage anyway. How can we word the contingencies? The Reverse Mortgage would have priority. Let me know. Thank you! by Carolyn D. King from Des Moines, Iowa. Jan 30th 2014 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,553 contributions

Since you can only have one primary residence, I'm not sure how you can live in two different places at the same time.. but this is a question you should be asking those professionals associated with the selling and financing.. it's possible they might have a way to go.. but for anyone here to answer your question, they would need access to ALL the details... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 30th 2014
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

A reverse mortgage will take the first and second lien positions. It is permissible to have a third mortgage, if the lender approves. Your (existing?) forgivable loans would need to subordinate (which is doubtful), otherwise those loans would have to be paid off. Otherwise, the forgivable loans would have to be put on after the reverse mortgage.

Jan 30th 2014
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Jackie Stults (jstults)
#40 ranked lender in Illinois - 15 contributions

Ms. King,How much longer before your five years is up? If you would like a free phone consultation please call me at 800-486-8786 Ext. 702.

Jan 30th 2014
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Jake Droge (www.jakedroge.com)
#1 ranked lender in South Dakota - 15 contributions

You have an unique situation here but this may be a option if these are forgivable loans from a non-profit agency for repairs to the home. I have done several of these type of loans over the past years and have had several agencies subordinate their loans. My suggestion is to speak with the lienholder of those loans and the company that you will be working with. I am located by Sioux Falls, SD NMLS 403695 Phone 605 941 7029 Jake Droge

Jan 31st 2014
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