Heirs who have recently inherited a property with a reverse mortgage must pay it off within 6-12 months since reverse mortgage loans cannot be assumed. A conventional lender such as a bank or credit union will not refinance a reverse mortgage loan because the name on title is not the same as the party requesting refinance. North Coast Financial is able to provide refinancing of reverse mortgages for heirs in California.

North Coast Financial can refinance a reverse mortgage in California for heirs by making a loan to the estate and then have the heirs assume and personally guarantee the new loan. After the loan escrow has closed the name on title of the property will be the heirs, which will then allow for a refinance through a traditional lender at a lower-cost.

Please contact North Coast Financial if you have a client in this position with real estate in California.

North Coast Financial
don@northcoastfinancialinc.com
760-722-2991
2424 Vista Way #202
Oceanside, CA 92054
www.northcoastfinancialinc.com