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Reverse Mortgage

Posted by Michea Bland on April 4, 2012 at 1:53am in Short Sale Discussions

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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Replies

  • Ritu Attri April 16, 2012 at 3:08pm

    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 

  • Smitty April 4, 2012 at 12:57pm

    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.

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