[WSBARP] Reversing the reverse mortgage

[Andrew Hay]

I have a nephew who is helping his uncle out in later years.  Uncle has a reverse mortgage eating up equity in his home with a current balance well below FMV.  Nephew is also helping out with monthly bills.  Nephew wants to front the money to pay off the reverse mortgage and substitute his own DOT in first position.  The note and DOT will increase as he makes advances to the uncle.   We are planning on closing through a title company and getting title insurance for the nephew - any special considerations here?

Andrew Hay
Hay & Swann PLLC
201 S. 34th St.
Tacoma, WA 98418
www.washingtonlaw.net<http://www.washingtonlaw.net/>
andrewhay at washingtonlaw.net<mailto:andrewhay at washingtonlaw.net>
253.272.2400 (w)
253.377.3085 (c)
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