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<p class="MsoNormal">Hi Andrew,<o:p></o:p></p>
<p class="MsoNormal">I’ve done a few of these over the years, though I no longer handle real estate transactions and escrow on a regular basis. I suggest checking the Residential Seller Financing rules on DFI’s site and consider having the nephew apply for
a Residential Seller Financing License Waiver to protect him from violating the Consumer Loan Act.
<a href="https://dfi.wa.gov/residential-seller-financing">https://dfi.wa.gov/residential-seller-financing</a><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="color:#2B6AA4">Nicholas Pleasants<o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:#2B6AA4">Owner<o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#2B6AA4"><o:p> </o:p></span></p>
<p class="MsoNormal"><a href="http://www.pleasantslaw.com/"><b><span style="color:#2B6AA4;text-decoration:none"><img border="0" width="144" height="44" style="width:1.5in;height:.4583in" id="Picture_x0020_1" src="cid:image001.png@01D7321B.47F40840" alt="(Logo) Pleasants Law Firm"></span></b></a><b><span style="color:#2B6AA4"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="color:black"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="color:black">Pleasants Law Firm, P.S.<br>
2300 130th Ave NE, Suite A-101<br>
Bellevue, WA 98005-1755<br>
(425) 615-7070 tel/fax<br>
</span><span style="color:#2E75B6"><a href="mailto:nick@pleasantslaw.com"><span style="color:#2E75B6">nick@pleasantslaw.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#2E75B6"><a href="http://www.pleasantslaw.com"><span style="color:#2E75B6">www.pleasantslaw.com</span></a>
<o:p></o:p></span></p>
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<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">From: </span></b><span style="font-size:12.0pt;color:black"><wsbarp-bounces@lists.wsbarppt.com> on behalf of Andrew Hay <andrewhay@washingtonlaw.net><br>
<b>Reply-To: </b>WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Date: </b>Wednesday, April 14, 2021 at 5:29 PM<br>
<b>To: </b>WSBA Real Property Listserv <wsbarp@lists.wsbarppt.com><br>
<b>Subject: </b>[WSBARP] Reversing the reverse mortgage<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal">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?<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal"><b><span style="font-family:"Berlin Sans FB",sans-serif">Andrew Hay</span></b><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB",sans-serif">Hay & Swann PLLC</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB",sans-serif">201 S. 34<sup>th</sup> St.</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB",sans-serif">Tacoma, WA 98418</span><o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-family:"Berlin Sans FB",sans-serif"><a href="http://www.washingtonlaw.net/"><span style="color:#0563C1">www.washingtonlaw.net</span></a></span></i><o:p></o:p></p>
<p class="MsoNormal"><i><span style="font-family:"Berlin Sans FB",sans-serif"><a href="mailto:andrewhay@washingtonlaw.net"><span style="color:#0563C1">andrewhay@washingtonlaw.net</span></a></span></i><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB",sans-serif">253.272.2400 (w)</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Berlin Sans FB",sans-serif">253.377.3085 (c)</span><o:p></o:p></p>
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