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Best practices for funding a home into RLT if there is an existing mortgage? What type of deed? Title insurance considerations? Thanks

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There is a federal law that states a property can be transferred to a RLT without triggering the acceleration clause in a mortgage. So I never contact the mortgage company. That being said, for my clients in FL, I always use a lady bird deed and put the trust down as the remainderman. Makes it easier for the client should they want to refi in the future. Some counties also make you reapply for the homestead exemption when you transfer it to the trust so I just try to avoid that whole mess.

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I just did one where I contacted the mortgage company, sent them a copy of the proposed deed and trust, and asked them to sign off on it. After taking some time to review it they sent me back a consent letter that I can keep in the file. They said to go ahead and record the deed and didn't ask for anything else to be recorded.

Thanks for the input! Do you recall what type of deed you used? I would think it would be best to stay away from quitclaim so that title insurance would continue to cover any issues down the road.

I guess I should clarify I'm in Florida, so for me it was a warranty deed. We are required to include specific language in any deed to a trust, so other than adding that trust language, it was a standard warranty deed.

Excellent. Thanks again!

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