Reverse Mortgage, Paying Arrears and Trying to Save My Dads House. Advice Please

[Belynda Wesley]

Hey Everybody, 

I can't believe I am doing this, I have been listening to the Bigger Pockets podcast for a while and really need some advice. 

My 88-year-old father took out a reverse mortgage back in 2008 (why did he do this, we will never know, where did the money go, we will never know. As a 30-year-old woman. I can say my dad has been bad with money all my life) 

We are currently paying arrears $1,500 per month + Insurance (Quarterly $1,100) + Yearly Taxes $1,450 This Year + Monthly normal bills. Why are we paying this: He didn't pay taxes or insurance on the house for years, voiding the agreement. (add crying emoji face, sad face, angry face and over it face" 

The house sits on 4 lots, with the house 2/1 sitting in the middle of it. What is in the empty lots. Nothing but grass. Can literally fit another house or even a duplex with a small parking lot. 

Area: South Florida (Broward County Area) 12 mins from the beach. This area use to be a tough neighborhood and is currently going through gentrification. Duplex's, Single Family Homes and Apartments are being built in the area often. 

What do I know (still learning): Owes $435k 

What do I want to do?  I would like to keep it if possible. We receive letters from investors all the time, saying we will give money to take over your problem and xyz. From podcast to watching tons of videos, I have learned there is a way to make this work and maybe profit from this; possibly build on the empty lots. 

Question: So, what would you do. I am here to hear all advice. Know somebody willing to share step by step advice on what to do. I have faith and think something great could happen. I am not attached to the house, But I think this could be my first project, very big, but

I think possible. So drop your advice, email. Happy to connect. 

[Tonya C. Campbell]

Hi Belynda,

I just read your story and boy does it sound similar to mine. I'm curious to know your status. What did you decide to do and what was your outcome? I may be able to take some advice from you. Looking forward to hearing from you.