Reverse Mortgage Deals

[Mariano Santana]

If anyone comes across a deal/opportunity where the homeowner has a reverse mortgage on the home, I might be able to help answer questions or point you in the right direction. It could be anywhere in the U.S. and it takes a similar path as a short sale, but can be done "off-market".  I just went through this process and we’re getting an awesome value-add deal. Recap of how our experience took place is in the works.

[Minna Reid]

Quote from @Zachary Inman:

What are some of the high-level takeaways from buying a property with a reverse mortgage? How is it different/same from a normal transaction?

All reverse mortgages are guaranteed by HUD. These short sales are a little different as they don't have arms length agreements, and apparently don't even need to be listed (that's news to me, but I'm an agent so I always list anyway). Also you must meet 95% of appraised value. Besides all that it's pretty much the same process as any other short sale.