Reverse Mortgage Fact #6

You can keep your home in a trust when you refinance with a reverse mortgage. Many retirees place their home in a trust, along with other assets. It is important that the wishes of the client's be kept, and that means keeping the property titled the way they want to. A copy of the trust gets submitted to the underwriter and gets reviewed. And yes, the entire trust must be submitted. Once reviewed and approved, a most lenders will have the client sign a trust amendment, stating there is a creditor in first lien position. 

I strongly recommend the client, their family, attorney and financial advisor discuss this before the loan closes, to ensure that assets are properly protected, and that the heirs receive what was intended for them. This is a fine time and opportunity for advisors to review the life and LTC insurance needs of the client.

I consult with many fine financial advisors and insurance professionals who can assist you in assessing your insurance needs and providing you with the proper coverage. 

For information on what you can qualify for with a reverse mortgage visit: www.topflitereverse.com/florian