Guest blogger Frank Melia of Quontic Bank answers questions regarding trust borrowing options for clients who have transferred their property into a Medicaid Asset Protection Trust (M.A.P.T.).
Why most Banks do not offer Mortgages to Properties held in M.A.P.T.s:
Historically, Brokers & Banks follow guidelines set by Fannie Mae & Freddie Mac and they do not allow borrowers other than individuals (no corporations or trusts). As a federally chartered Bank, Quontic Bank offers our proprietary Portfolio loan programs where we ALLOW Trust ownership. We look towards the grantor(s), trustees, and beneficiaries as our loan guarantor(s). We may even offer a Non-Recourse Mortgage if the loan to value is lower than 50%.
What Borrowing Options do we Offer to M.A.P.T.s:
Portfolio Loan Programs which are a 30 year amortization loan with either a 5/1 or 7/1 ARM & a Home Equity Conversion Mortgage line of credit. Whichever loan program we can offer will require all loan proceeds to be deposited into a trust checking account controlled by the trustees.
Situations where Clients are seeking financing:
How we are a Resource:
We have been working closely with Elder Law Attorneys around the country for 5 years now and our division specializes in Trust Borrowing Options. We are a phone call or email away from reviewing your clients’ trust and financial documents. We will review and have an overview prepared within 48 hours.
Learn More About our Lending Capabilities:
If you have clients and/or prospective families that ask about refinancing or the need for financing with a trust and want to learn how we can assist contact us at: firstname.lastname@example.org Call us at 1-888-954-7463
We offer financing in All 50 States and will review your clients’ trust documents and provide review and borrowing options within 48 hours.
Written by Frank Melia, CMPS
Frank Melia is a Vice President of Lending at Quontic Bank – a federally chartered bank based in New York that specializes in trust borrowing options in All 50 States.
Frank can be reached directly at email@example.com / 1-888-954-7463
Cona Elder Law is a full service law firm based in Melville, LI. Our firm concentrates in the areas of elder law, estate planning, estate administration and litigation, special needs planning and health care facility representation. We are proud to have been recognized for our innovative strategies, creative techniques and unparalleled negotiating skills unendingly driven toward our paramount objective - satisfying the needs of our clients.
How Medicaid Affects Married Couples in New York
Victim of Senior “Catfish” Scam Lost Hundreds of Thousands of Dollars But Not His Home
Medicaid Penalties to be Aware of in New York
Do You Need An Elder Law Attorney?
Medicaid Alert: Medicaid Renewal / Recertification Required as of July 1, 2023
What is Asset Protection Planning?