Loans to
Trusts and Estates

Location: San Diego, CA
Funded: $714,000
Private Loan Type: Reverse Mortgage Payoff Loan

reverse mortgage in trust

Deal Highlights:

  • The trust beneficiaries were not aware that their father had taken out a reverse mortgage

  • They contacted us in a panic when they received notice the loan was being called due

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:

  • Property Type – Single-Family

  • Lien Position – First Mortgage

  • Loan-to-Value – 48%

  • Loan Term – 6 months

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