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My parents did a reverse mortgage and co-signed on a credit card for my sister, My sister stopped paying the credit card bill and now it has been sent to collection. Can a lien be placed on my parents home (reverse mtg) since they are the co-signer on this credit card??

jenkin7 · Posted: Thu Dec 10, 2009 12:05 am Post subject:

Hi Froggy,

The reverse mortgage has a primary lien on the property and all other liens would be subordinate to it. The credit card company can put a lien on the property. But it is unlikely that they would do so. If the property is indeed sold, the reverse mortgage will be paid first. Given the value of the property and the reverse mortgage lien, the credit card company can hardly expect to get anything from the sale of the home. Thus, chances of the credit card company putting a lien on the property are less.

raymond · Posted: Thu Dec 24, 2009 4:40 pm Post subject:

>>Can a lien be placed on my parents home (reverse mtg) since they are the co-signer on this credit card??

Credit card companies don't place liens against homes, instead, they get "judgements". The judgement will be on your parents credit reports and will impact that part of their life, but it won't impact the Reverse Mortgage.

Guest

can a credit companies put a lien on a reverse mortgage. thanks

Guest

can a credit companies put a lien on a reverse mortgage. thanks

raymond · Posted: Thu Sep 23, 2010 9:57 am Post subject:

A Reverse Mortgage is exactly the same as a traditional Forward Mortgage when it comes to things like that. If they can do it with a Conforming Mortgage, then they can do it with a Reverse Mortgage.

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