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#2274278 - 08/17/22 01:11 PM Reverse mortgage & HELOC at same time?
Everest Offline
Gold Star
Joined: Jan 2012
Posts: 296
I am wondering if anyone knows about reverse mortgages and if you can have one and a HELOC at the same time? We have a borrower with a HELOC from us years ago that is coming due for renewal and was in 1st lien position. We started our renewal process and found out that the borrower just took out a reverse mortgage a few months ago. I would have thought that the company holding the reverse mortgage would have required our HELOC to be paid off to ensure their lien position. However, they did not and now I am just curious if there is anything that would not allow us to renew the HELOC?


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Lending Compliance
#2274283 - 08/17/22 02:05 PM Re: Reverse mortgage & HELOC at same time? Everest
rlcarey Online
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Joined: Jul 2001
Posts: 82,124
Galveston, TX
Something does not appear to be correct here. I have never seen a 2nd lien reverse mortgage and any reverse mortgage security instrument would indicate that if another lien was attached to the property and not cleared, the loan would be in default..
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