A reverse mortgage is that loan guaranteed by a lien in the home this is certainly in first position that is lien. Which means that some other liens filed by other creditors up against the home following the reverse mortgage will be subordinate to your previous lien.
I might need to recommend you counsel about the rights of other lienholders that you contact an attorney who practices in the state in which the property is located to give. We truthfully don’t know exactly exactly exactly just what legal rights the judgement owner may or may not have in your state and I also would doubt that any loan would shield you against other judgements.
There might be a hesitancy from the the main other lienholder to attempt to enforce the lien with extra action ahead of your ultimate purchase associated with property (when they have even that right to begin with) as a result of the concern associated with the reverse mortgage and what that could need of these though and also this will be one thing to talk about together with your lawyer.
We donвЂ™t think it is ever a waste of the time to have an opinion that is second! Often it will take extra documents that one loan provider might not have considered. I recommend you talk with a 2nd underwriter and tell us whenever we might help.