Can I do anything with a reverse mortgage?

Foreclosures, Short Sales, Tax Foreclosures
1

I have a guy that called me and said that he has a reverse mortgage on his house but is moving out west and doesn’t want to deal with it anymore. He told me what he owes and there is very little equity if any. We talked a bit about doing a sub 2 or me buying it from him on a land contract, but I know little about reverse mortgages and the rules.

I’ve seen other questions the site about doing short sales on these and that you can’t do a sub 2 if the owner dies, but this guy is just moving. Anybody have any input?

2

I’m no expert on reverse mortgages but I believe that if the borrower no longer occupies the residence then the loan can be called.

3

Yup, thanks. That’s pretty much what we figured out. Well, besides the fact that this guy was insane. It’s a $100,000 house max, he said he would happily take $150,000. I told him I would happily take $150,000 for my 2001 Dodge Ram. :slight_smile:

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