No... the Rex Agreements, as I understand them, are not really "loans." They are more like investments. The owners don't "borrow" the money, they "sell" an interest in the future appreciation of the home. Though you could use the money from a Rex Agreement to pay off an existing loan, it is not a requirement. I don't think Rex & Co. minds being in second lien position, so long as there is sufficient equity in the home.
Best,
Robert A. Franco
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