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by CareyBot

DEAR BOB: To avoid probate costs and delays when I pass on, I recently created a revocable living trust and deeded my condo title into it. I am 62 and plan to get a senior-citizen reverse mortgage in about eight years when my current interest-only mortgage converts to an amortized mortgage. Does having the condo title in my living trust prevent my getting a reverse mortgage? --Alan W. DEAR ALAN: No. As long as you have sufficient equity in your principal residence, holding title to it in your revocable living trust won't prevent you from obtaining a reverse mortgage. Purchase Bob Bruss reports online. However, the reverse-mortgage lender will ask you to take the title to your home out of your living trust momentarily so the reverse mortgage can be recorded against the title. ...