Avoiding Probate of a Reverse Mortgage with a Living Trust

An increasingly popular mortgage loan for senior citizens is a Reverse Mortgage. 
As Seniors, do the research themselves they find that this is a great retirement vehicle after spending thier lifetime working to payoff thier homes. A question often asked is since they have to actually take out the reverse mortgage in thier names (as title is required to be in the 62 or elders name); will thier homes be placed in probate after one passes away (if the other is not on title? 

The simple answer is all must be done is place the property in a revocable living trust, which, presumably, will name another as the successor trustee and the future beneficiary if the tileholder dies first.

Reverse-mortgage lenders have no objection to borrowers placing title to their homes into their living trusts after the reverse mortgage is recorded. By placing the home title into your  living trust, probate costs and delays will be avoided if he dies first.

Equally important, if the titleholder should become incapacitated, such as with Alzheimer’s disease or a severe stroke, as the successor trustee you can then manage the living-trust assets, including selling or refinancing of refinancing the house. This process is quite easy and very flexible. Not enough homeowners take advantage fo the ease of this tool. Email me for more questionts and details (as each persons estate differs)-Randolph Ramirez