Reverse mortgage balance too high, need reduced payoff or SS

Foreclosures, Short Sales, Tax Foreclosures
1

I inspected a house today that I am interested in, but I need the lender to accept a reduced payoff or short sale.

The lender is Wells Fargo and it is a reverse mortgage that the guy’s mother took out some time ago, and now she is in the nursing home.

The guy told me he thinks the balance on the reverse mortgage (which they are telling him needs to be paid) is $83k.

The ARV is probably no more than $110-115k.

The house needs about $12-15k in minor repairs/upgrades.

I wouldn’t want to pay any more than 70k max, would prefer to pay around $62-65k.

Any chance the lender here would just take a reduced payoff, or would there need to be the whole short sale process?

Any input is appreciated.

2

anybody?

3

Can you even short a reverse mortgage?? I’ve never heard of that. I didn’t even think you could refi a reverse mortgage.

Interesting…

4

The mortgage company is constantly contacting the homeowner’s son telling him has to pay off the balance, sell the house, or give the house to them…and that’s on top of Medicaid wanting their piece of the pie.

I’m not sure what the process is?

5

ANYBODY EVER SHORT SALE A REVERSE MORTGAGE?