Irrevocable Trusts

Finance your home with title in the name of your irrevocable Trust

Title may be held in an irrevocable trust for residential one to four family homes and condominiums financed with a portfolio loans up to 80% loan to value ratio.  Use of property must be owner occupied..   The maximum loan amount for this type of vesting is $1,500,000.  Check the rates  for mortgages on properties in irrevocable trusts.
An irrevocable trust generally cannot be amended or revoked, even by the trustor, settler, grantor, or creator. The trustor of this type of trust relinquishes control over trust property and no longer has ownership interest in the trust assets. The trustee administers the trust property according to the terms of the trust and in the sole interest of the beneficiaries.  All parties must be natural persons.

There are several types of Irrevocable Trusts. 
Qualified Personal Residence Trusts
Illinois Land Trusts
Massachusetts Realty Trusts

Typically, the trustor gives up control of the property in trust.  Lender requirements include review and approval of all trust documents.  The trust must identify all active trustees and beneficiaries.  The trustees (except for Illinois Land Trusts) must be individuals.  Beneficiaries must be adults.

 The trustees must be authorized to mortgage the property.  The transaction itself must be allowed under the terms of the trust (purchase of second home or other non-income producing property).  If funds are being obtained in a refinance transaction, the use of those funds must be allowed by the trust documents.

The lender's rights cannot be restricted and there cannot be excessive servicing requirements.

Above is a brief summary of lender requirements, additional requirements, limitations and restrictions may apply.

Call Bill at  toll free 877-994-9589 (cell phone)  for additional information

Questions?  Call Bill Meyers toll free at  877-994-9589 or 239-566-8484 or e-mail bill@marcoislandmortgage.com

This website is not a solicitation for mortgage brokers
Rates vary with geographic location, lender, transaction type, credit scores and other factors
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market conditions
Expressed interest rate may change or be unavailable at commitment or closing
Most rates based on primary residence, purchase transaction
Cash out refinance rates may be slightly higher
Some loans may have pre-payment penalties
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional information on underwriting requirements
and program limitations.  Guidelines and rates posted here are general in nature and subject to change without notice. 
Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
All information published on this web site is believed to be accurate but cannot be guaranteed, errors may occur
This site has been built and is maintained by Bill Meyers

Bill Meyers is employed as a  mortgage loan consultant for one of the nation's largest residential lenders.  Bill works as an employee and not a mortgage broker.  This is Bill's personal web site and not the official web site of  any bank or mortgage company.  Please consider all information posted on this site to be general in nature and representative of mortgage rates and policies that may be available from various sources.  Bill is located on Marco Island Florida.  Bill can be reached on his cell phone at (239)566-8484

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