Posted on: 13th Jan, 2014 08:17 pm
A house was left to me in a trust with a reverse mortgage. I did a quit claim to my brother. He plans to sell the house and pay back the reverse mortgage. Is the reverse mortgage considered a lien or a mortgage? I've seen that that a quit claim cannot be done with a mortgage. I did not even want this trust or this house, so I passed it to my brother. Is this a different circumstance? Thank you.
Hi jack!
Welcome to the forums!
Any kind of mortgage is considered as a lien on the property. Reverse mortgage is nothing different. You should get in touch with an attorney and check out if you need to do anything in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
Any kind of mortgage is considered as a lien on the property. Reverse mortgage is nothing different. You should get in touch with an attorney and check out if you need to do anything in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome jack,
To know all about reverse mortgage, you can check out the given page: http://www.mortgagefit.com/reverse.html .Â
To know all about reverse mortgage, you can check out the given page: http://www.mortgagefit.com/reverse.html .Â
How was the home deeded over to you - you should be able to quit claim since you were NOT the person on the mortgage - it does get muddy when you are dealing with estates and a good RE Atty is worth the price of a consult to ask all of your questions.... each state will have its own laws so local legal help is crucial - Good Luck
Brian
Brian
