Good Morning Alll....
Looking for alot of insight. I have a listing. The homeowner tells me he has a reverse mortgage. I contacted Wells Fargo. He has a reverse mortgage. He owes approximately $70,000. The house is worth about $20,000. Wells is saying they do not have a lien on the property. I am still waiting for title work to come back.
Any suggestions on how to market this? Is it a short sale? Is there no lien on Reverse Mortgage?
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I love reverse mtg short sales. They are like icing on the cake after a tradtional short sale. There is a very specialized department that usually handles this. Call Wells and ask for someone in the reverse mtg short sale dep. They will give you paperwork to complete the sale.
You won't need bank statements, paystubs, etc. Just make sure you get an FHA appraisal, and the SELLER will likely need to pay for it. Good luck.
A reverse mortgage is a form of equity release(or lifetime mortgage) available in the US. It is a loan available to seniors aged 62 or older, under a Federal program administered by HUD. It enables eligible homeowners to access a portion of their equity, So there would be a lien. I am not an expert but guiding clients on the topic of, "how to get a mortgage".
I hope it will help
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