Reverse Mortgage Short Sale to Family?

Borrower is deceased, reverse mortgage. Lender (small regional bank) is calling the note due and has said a short sale is an option, but the sole heir/PR is occupying the property and wants to be the buyer.

Can this pass an Arm's Length test or no? Any one have experiences with this kind of transaction they could share?

Thanks Superstars!

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Permalink Reply by Bryant Tutas on December 19, 2012 at 2:19am

It will depend on the lender. I would call the and see what the options are.

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Permalink Reply by Justin Berry on December 20, 2012 at 5:32am

Thanks for the feedback! I hope to have a conversation with the bank soon. I'll let you know what I find out.

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