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Updated almost 7 years ago,
Wholesaling a Reverse Mortgage?
I have a relative in NJ who is in a reverse mortgage, but because of unpaid taxes, has received a notice of impending foreclosure. Prior to this happening, is it possible and legal for me to act as a wholesaler for this house? If so, what would be my process (bank approval first?) and is my timeline to have this done prior to tax sale - or sooner than that? Also, is the amount due the bank an amount that can be negotiated?
Any advice about reverse mortgages would be greatly appreciated.
Thanks, BP community.