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<p class="MsoNormal">Michael,<o:p></o:p></p>
<p class="MsoNormal">I have seen it done. If it is an HECM (Home Equity Conversion Mortgage), that is an FHA-insured Reverse Mortgage, then the HUD rules specifically allow it. See
<i>Housing Handbook 4235.1 at 4-5(A) “Conditions for Origination in the Name of a Living Trust”</i>.
<a href="https://www.hud.gov/sites/documents/42351C4HSGH.PDF">https://www.hud.gov/sites/documents/42351C4HSGH.PDF</a> My sense is that if you tell the lender in advance that you want to obtain the loan as part of a living trust, they can allow it. I don’t believe
that the usual Garn St. Germain Act preemption applies, so you really should only transfer a property with a reverse mortgage to a living trust after obtaining lender’s approval.<o:p></o:p></p>
<p class="MsoNormal">Best, <o:p></o:p></p>
<p class="MsoNormal">Nick<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">Nicholas Pleasants | Shareholder
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>michael westseattleattorney.com<br>
<b>Sent:</b> Thursday, June 29, 2023 11:07 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> [WSBAPT] Can you put a property with a Reverse Mgt into Revocable Trust ?<o:p></o:p></p>
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<p class="MsoNormal"><span style="font-family:"Times New Roman",serif;color:black">Hi, Does Anyone know if a person can put a property subject to a Reverse Mgt into Revocable Trust? The client does not have documents so hoping to avoid a long wait to get the
DOT etc if anyone knows. Thanks, Mike <o:p></o:p></span></p>
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