Two scenarios – one with current 1st mortgage of $158,000 and one scenario if she takes out a new Fannie-Mae 1st of $208,000 and then gets a Reverse Mtg. Is there any kind of seasoning requirement on the new Fannie-Mae 1st before we can pay it off with a reverse?
Ownership less than a year requires an exception and additional documentation. We typically need them in the property at least 6 months with evidence of investment into the property, evidenced with a copy of the CD and funds used to purchase the property. Of course occupancy needs to be established and the purchase needs to be an arm’s length transaction to determine if an exception is warranted.