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Updated over 8 years ago on . Most recent reply
Anyone work a deal buying house with a reverse mortgage on house
Trying to see if there is any type of inventive way to get a deal on a house whose owner has used up most of their reverse mortgage. Who am I really buying form the "owner" or the bank providing the reverse mortgage? - George S.
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
It's the same as buying any other house with a mortgage.....the owner owns it, if there is equity they pay off the mtg balance at closing, if no equity it is a short sale, and RM's require a price of 95% of a current FHA appraisal if it is a short sale. No sub2's, wraps or "creative crap". Agree that most RM's are under water.