Reverse mortgage

Yes, though I've only had 3 (with an additional one currently listed). I found the workload to be only slightly less on these files (the property still had to qualify, but the buyer did not).

Here's the catch.... the buyer has no personal liability for the debt PROVIDED they have not defaulted on some other term of the agreement. If your buyer has failed to pay insurance or real estate taxes as required, then you can be sure that the lender is going to try and tie personal liability right back in. This is not so much an issue here where taxes are paid in arrears if we get it sold quickly, but old unpaid taxes or in other places I could imagine it would be a problem.

I have always processed the short sale/it's package the same as I do a 'traditional' mortgage loan.

Patrick

Replies

Patrick Smith August 20, 2012 at 1:30am

Yes, though I've only had 3 (with an additional one currently listed). I found the workload to be only slightly less on these files (the property still had to qualify, but the buyer did not).

Here's the catch.... the buyer has no personal liability for the debt PROVIDED they have not defaulted on some other term of the agreement. If your buyer has failed to pay insurance or real estate taxes as required, then you can be sure that the lender is going to try and tie personal liability right back in. This is not so much an issue here where taxes are paid in arrears if we get it sold quickly, but old unpaid taxes or in other places I could imagine it would be a problem.

I have always processed the short sale/it's package the same as I do a 'traditional' mortgage loan.

Patrick
Trong Dang August 17, 2012 at 7:32am

I do not have any experience with this, but there is a small discussion group on this website that might have some good resources. http://shortsalesuperstars.com/group/reversemortgageshortsales I hope this helps some, and that someone with experience can help you out. Best of luck.

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