My brothe is thinking of doing a refinance mortgage in 1 years when he turns 60. The property has a tax lien. How would this effect getting a mortgage loan, if it affect it at all?

When a bank or mortgage coporation gives anyone a mortgage against a property, they put a lien on the house.

They usually will not do the loan unless theyre the first lien. If thier is already a I.R.S. lien on the home, the mortgage bank would be second in line to be reimbursed if when the home is sold, so they will consider the loan like a 2nd mortgage even though there is no first mortgage.

Being a 2nd mortgage will make it alot harder to get the mortgage, and translate to much higher interest rates if you obtain the mortgage loan.

With that being out there, I believe he will be not qualified for a reverse loan. but i just dont know.