I recent did some research for a client who is considering placing a secondary home into a qualified personal residence trust (QPRT). I found that no traditional lenders will allow a loan they service, let alone allow for a newly originated loan, to be placed into an irrevocable trust such as a QPRT. A QPRT is an irrevocable trust that can be used for both asset protection and tax savings, particularly for those with estates greater than $3.5 million in 2009.
Our Portfolio Program allows for a loan to be both originated and serviced when held by an irrevocable trust such as a QPRT, subject to reviewing the document and underwriting the loan. This is a niche for marketing to estate attorneys, elder care attorneys, CPA's and others. The beneficiaries of the trust still need to personally guaranty the loan.
This loan program is available to qualified applicants in Virginia, Maryland, Pennsylvania, Delaware, New Jersey, Connecticut, and parts of NY.
Loan terms include 30 and 40 year Fixed Rates, various Adjustable Rate Terms , and 15 Year Fixed Rate Terms. Loan amounts range from 100k-1.5Million.
Michael Byrne
908 531 6170
FHA, VA, and Jumbo Specialist
www.refi-fhasecure.com
www.mortgageprosforum.com
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