If I have a reverse mortgage, can I set up a trust?

You currently have a reverse mortgage or you are looking to get one and then set up a trust? To be eligible for a reverse mortgage, the homeowner has to give the reverse mortgage lender the power to take possession of the property. To this end, the reverse mortgage lender usually requires the trustee of the revocable trust to have the ability to encumber the borrower's home. This allows the trustee to give the property to the reverse mortgage lender at the borrower's death and prevent it from going to his heirs.Justin MurrayWintrust Mortgage312 256 4065jmurray@wintrustmortgage.com

More info needed, but in general, if you have a reverse mortgage now, then you cannot put it in a trust.. if you are looking to get a reverse mortgage, but you want it to go in the trust, then that might be able to happen, but only if it's a revocable trust.. 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

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You received a couple of good answers. I would add that without the trust, a reverse mortgage works just as it is spelled out. Instead of the borrower making the monthly payments, essentially the lender is. Generally, heirs should be able to pay off any money due the lender and retain any remaining equity (i.e. by selling the home.) You might want to get clarity on that before setting up reverse mortgage in a revocable trust...if you do not already have a reverse mortgage.