A friend had a question about title for his home in his living trust and how to then get a reverse mortgage.

Question:  As part of my estate plan and to avoid probate when I die, I transferred title to my home to my revocable living trust.  Does having my condo or property in name of my living trust prevent me from getting a reverse mortgage? 

Answer:  As long as you have sufficient equity in your principal residence (your home), holding title to it in your revocable living trust won't prevent you from getting a reverse mortgage.

Be Careful With This.  The reverse mortgage lender will ask you to take title to your home out of the living trust momentarily as the mortgage can be recorded against the title.  Make sure you check with your attorney on legal issues and tax accountant on consequences first.

After you are satisfied with information and legal advice, you can have title deeded back and title taken in the name of your living trust again.

Always contact your estate planning attorney for legal questions and advice about preparation of legal docs involving holding title in the name of your recovable trust.  The actual writing of documents can be taken care of by a title company, but the advice about legal questions must by made by your attorney.

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Contact us if you have questions about Orange County homes and real estate.  Thanks.  Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.