Posted By: Everest
Reverse mortgage & HELOC at same time? - 08/17/22 01:11 PM
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?
Thanks.
Thanks.