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Committee told heir-property issues must be resolved before homeowners apply
Summary
Staff said applicants must resolve heir-property title questions or transfer title before applying; program takes a second mortgage position if a primary mortgage exists.
A Committee member raised how the program would handle houses with multiple owners or heir-property claims. Staff member answered that applicants must resolve title issues or have ownership arranged (outright or via life estate) before becoming an applicant: "it has to be in that homeowner's name" or the others must sign it over.
Staff also said the program takes a second position on mortgages when a primary mortgage exists and that reverse mortgages have been a recurring complication in recent years. "One thing that I have run across here in the last 4 or 5 years is the reverse mortgage," Staff member said, noting they can affect eligibility or program administration.
