IF the 1st loan is being foreclosed, and the owner just got a reverse mortgage. Is the reverse mortgage considered a second?
Hi Ashvin,
I am not aware of any reverse mortgage product that will go in a 2nd position. It sounds like either the reverse mortgage should have paid off the first or there has been a serious title mistake made when the reverse mortgage was recorded.
Lien position runs “first in time is first in line”. This means that if the foreclosing loan was recorded prior to the reverse mortgage and there was not a subordination agreement filed then the foreclosing loan would be in first position.
Hi, Ashvin,?A comprehensive and useful web site that provides information on reverse mortgage, including a FAQ section, alerts on reverse mortgage, an online calculator to calculate the cost and return from a reverse mortgage and personal analysis as well as alternatives to reverse mortgage. http://www.reversemortgagelendersdirect.com/reverse-mortgage-faq/