Reverse Mortgage Payoff

The process can take anywhere from a few days to a few weeks depending on the reverse mortgage servicing company, and responsible parties of the property/estate. HCS Equity will work closely with all parties to determine the best plan of action to pay off the outstanding reverse mortgage.

The new loan will be made to the estate or trust unless the property is ready to be transferred to the beneficiaries.

Yes, the new HCS Equity loan can be repaid anytime without any sort of prepayment penalty or minimum months of interest due.

The reverse mortgage servicing firm should send a letter to the property address, or mailing address on file indicating the amount due. In addition, escrow will order an official payoff demand right away with the proper authority provided.

Our loans are typically based on a 1 year balloon, but we can accommodate a longer term if needed.

The estate can borrow extra funds up front to pay for future payments so that the beneficiaries don’t have to worry about the monthly payments until the loan is repaid or the home is sold.

Yes, depending on the value of the home and the outstanding loan, HCS Equity may be able to lend extra funds to pay for these additional expenses along with the interest carry forward.

HCS Equity offers reverse mortgage payoff loans from $30,000 to $3,000,000.

Our loans can be provided to an irrevocable trust, an estate going through the probate process, heirs that have already inherited a property or a spouse left property with a mortgage being called due.

HCS Equity can provide a short-term bridge loan to pay off the reverse mortgage that is in foreclosure, and provide time to manage the property during the probate process. This will allow the administrator the time needed to complete the legal process of probate. Loans can be provided for up to 2 years as long as there is sufficient equity in the property. The administrator does not need to live in the property to obtain a new loan.

If your parents have passed and the property is in an irrevocable trust or probate, HCS Equity in Carmel, California has the right types of loans to pay off the reverse mortgage that is due and provide time to manage the property until a long-term conventional loan can be funded. HCS has been consistently ranked as the top lender in California for providing short-term loans to pay off reverse mortgages while properties are held by trusts or going through the probate process.

A reverse mortgage usually needs to be paid off in full within 6 months after the original borrower dies. This short window does not allow a trustee or administrator sufficient time to manage the trust or probate process and often causes the property to be sold at a discount. HCS Equity provides bridge loans allowing the estate or trust to stop the foreclosure by paying off the reverse mortgage with a new loan that provides terms to accommodate the family. HCS has been working with administrators and trustees for over 20 years helping to protect the family’s assets.

For the past 20 years, HCS Equity has perfected the process to pay off a reverse mortgage that is in default. Often, loans from HCS Equity can be funded within 5–7 days, which has been ranked by trust and estate attorneys as the quickest lender in California. HCS has funded over $1,000,000,000 in loans over the past 20-plus years.

A non-recourse loan to a trustee or administrator provided by the veteran loan officers at HCS Equity is a solution to pay off a reverse mortgage that is due, even if the property is vacant or rented out. The team at HCS Equity has a cumulative total of 120+ years of mortgage experience helping estates and trusts with their lending needs. Loan programs that have been approved by the California Department of Real Estate allow HCS Equity to provide short-term bridge loans to pay off reverse mortgages even if the subject property is vacant, tenant-occupied, or has damage.

A private loan provided by HCS Equity, a Carmel, California private lender, is based on the equity of the house. The administrator or trustee does not need to provide their personal credit nor their income to qualify for the short-term loan. Loans can be provided for up to 2 years and never have any sort of prepayment penalty, which makes them ideal to allow time to properly manage the home sale or refinance. HCS has been lending to trusts and estates throughout all of California for over 20 years.

In a survey of over 500 trustees and administrators over the past 3 years, HCS Equity has ranked as the lowest-cost provider of private loans to pay off reverse mortgages. HCS rates and fees consistently rank as the lowest total costs among all lenders in California.

Traditional banks and mortgage companies will not provide a loan to an irrevocable trust or probate estate. HCS Equity is a nationally recognized private lender that provides their own capital to pay off reverse mortgages that are due. HCS Equity works with over 1,500 trust and estate professionals in California to provide loans that comply with rules and regulations outlined in the probate code. Loans are provided without recourse to the administrator or trustee, allowing them to pay off a reverse mortgage.

HCS Equity is the premier lender in California that can provide a private mortgage loan to a trustee to pay off a reverse mortgage very quickly. Loans can often be funded without income documents, no credit check, nor an appraisal, within 10 days. HCS has been providing loans to trustees for over 20 years throughout California and on all types of properties. HCS can lend on all types of properties in California regardless of where the trustee or administrator lives. Everything can be done remotely via email, and a notary can meet you to sign the loan documents at your home or office.

A reverse mortgage can enter foreclosure for many different reasons. The most common reason a reverse mortgage goes into default is due to the death of the parents and the six-month window to pay off the loan having passed. Other causes of a reverse mortgage going into default include deterioration of the property, lack of insurance, or property taxes that are unpaid. HCS Equity can assist trustees and probate estates with their capital needs if a reverse mortgage is in default. Loans from the licensed professionals at HCS Equity provide a short-term solution to manage the debts of the estate. As long as there is substantial equity in the property, the loan officers at HCS Equity are available anytime.

For over 20 years, HCS Equity has worked with families to pay off reverse mortgages that are due. As an active member of over 40 bar associations and legal communities throughout California, HCS has the experience and legal know-how to navigate the complex probate process and provide short-term capital to pay off a reverse mortgage. The administrator or trustee will sign the loan documents in the sole capacity of their title and have no personal liability. According to CA Probate Code XXXXXXXX, an administrator or successor trustee is usually granted the authority to encumber a property as part of their legal authority.

If there is sufficient equity remaining in the property, HCS Equity can offer options which may allow the family to retain the home until a long-term solution is worked out. The probate process can take years in California, but most of the time reverse mortgage lenders will only allow up to 6 months after the death of the last parent to repay the loan. HCS Equity is the leading private lender that can provide a short-term loan tied to the family property. The short-term loan provided by HCS Equity will allow the family time to complete the trust or probate process and not require a liquidation of the home. Administrators or successor trustees can sign for the loan without any personal guarantee or recourse against them.

HCS Equity, based in Carmel, CA, provides real estate loans to trusts and estates on properties throughout California based on the equity in the property. The personal credit of the trustee or the administrator does not factor into our underwriting process. The equity remaining in the property is the main factor in determining if HCS Equity can provide a short-term loan to pay off a reverse mortgage or provide for other capital needs. The typical items required are:

1. Copy of the trust
2. Death certificates
3. Insurance on property
4. Authority from court if in a probate situation to take out a loan (court letters)
5. Contact information for trustee and attorney
6. Tax ID number for estate or trust

A Hagstad Petition usually needs to be completed prior to a successor trustee being able to secure a new loan on the family property. In limited cases, an attorney can petition the court for an emergency court order to obtain a temporary restraining order (TRO), which may stop the mortgage company from foreclosing and allow enough time to obtain the Hagstad Petition, putting the property back into the trust. Once the property is put into the trust, the successor trustee can obtain a loan from HCS Equity.