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Does the transfer of title to an irrevocable trust trigger payment of a reverse mortgage?

by aeaesq281 from East Setauket, New York. Jan 13th 2016 Reply


William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,728 contributions

All trusts must be approved by HUD prior to closing. There are certain situations where you can transfer the property into a trust after a closing, but again the trust must meet HUD guidelines. However, Irrevocable trusts are not an approved trust type, so this would trigger the due on sale clause. 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 NMLS# 226347

Jan 13th 2016
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