I haven’t seen this before. Can you do a Sub2 on an existing reverse mortgage?
Customers father has passed and he needs to unload dads home ASAP. Maybe a lease option?
Thanks anyone, Herbster
:help
I’m no expert on reverse mortgages but doesn’t the death of the borrower trigger the repayment feature of these loans? That is the son either sells the house, refinances the mortgage or the lender gets to take possession of the collateral property.
Yes it does, son is trying to sell before lender takes posession 1 week left. need answer soon please, anyone?
herbster
71tr already gave you the answer. Death of the homeowner triggers repayment of the reverse mortgage. Heirs have to sell or refinance to raise the cash needed to repay the mortgage.
Sub2 is not an exit strategy for this seller.
Thanx, thats right,sorry, me suffering from Dain Bramage today.