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Can the title be in someone else’s name? Some retired lady, wants me to give her $ 30K and I keep paying her mortgage of $ 850. It’s a good price for the area, but can it be done? Is there anything I should do (besides leaving) to protect myself, I don’t have an agent or anything, should I get a lawyer? Please answer any and all questions you can!


3 Thoughts on Can you sell a reverse mortgage and still have your name on the loan?
  1. Reply
    December 31, 2012 at 9:33 pm

    If she owns the property free and clear you’d file a lien and then the title would become a trust deed with you as the lien holder. But you’d still have to comply with truth in lending. If she defaults, or you fail to make the payments she could sue your pants off for breach of contract. If you stand “second”, which I think this is the case, then you’d better be very careful. Depending on the mortgage you could be left out in the cold if the first files a default before you do.

  2. Reply
    December 31, 2012 at 9:54 pm

    No. If she has a reverse mortgage, she gets paid by the mortgage company and she does not make payments on the mortgage at all. She would then be getting paid by the mortgage company from the reverse mortgage, collecting money from you and you would be giving her 30k up front that she would be getting. If you are seriously interested in this home, I strongly recommend you retain an attorney to help you. You can probably get an attorney to help you out for as little as a couple hundred dollars. Once ownership interest in a home changes at all for a person with a reverse mortgage they have to immediately notify the lender at which time. Wells Fargo specializes and is an industry leader when it comes to Reverse Mortgages. Contact someone at Wells Fargo and explain the exact situation and see what they think if you want to save the attorney fee.

  3. Reply
    December 31, 2012 at 10:37 pm

    Reverse mortgages never have monthly payments that need to be made. Hence the term “reverse”.

    You need a lawyer.

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