Loans to
Trusts and Estates
Location: San Diego, CA
Funded: $714,000
Private Loan Type: Reverse Mortgage Payoff Loan
Deal Highlights:
Deal Summary:
Reverse mortgages are typically called due six months after the passing of the borrower, and in this case the borrower’s children were not aware their father had taken out a loan on the family home. Unsure of their plans for the home they did not want to jeopardize losing it, so they opted to buy some time, and secure a reverse mortgage payoff loan before the lender filed a notice of default. The one-year term we provided gave them time to grieve, then discuss their plans for who would keep the property without an unrealistic deadline looming.
Deal Details:
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HCS Equity is a private money lender based in Carmel, California, specialized in loans for trust & estate property.
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