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All Forum Posts by: Mendy Rimler

Mendy Rimler has started 1 posts and replied 3 times.

Buying & Selling Real Estate

Post: Revers Mortgage - how to buy?

Mendy RimlerPosted
  • Posts 3
  • Votes 0

@Wayne Brooks thank you!

0 Votes
Buying & Selling Real Estate

Post: Revers Mortgage - how to buy?

Mendy RimlerPosted
  • Posts 3
  • Votes 0
Originally posted by @Jason Wray:

Hi,  Can you explain your situation in detail?  Are you looking to buy a home as a HECM customer over 65 or are you buying a home from a person who has the home in a HECM loan?

Looking to buy the home from the person that has the HECM loan. I'm looking to buy it as an investment (wholesale / flip) - not for myself.

0 Votes
Buying & Selling Real Estate

Post: Revers Mortgage - how to buy?

Mendy RimlerPosted
  • Posts 3
  • Votes 0

Home is recently vacated, owner is in assisted living, and the family is taking care of getting the property back to the bank since it's in a reverse mortgage. Comps are at $250,000 in the area, and they owe $290K. They gave me the bank contact info. Does it make sense for me to approach the bank directly and ask them if they will take a cash offer?

I'm thinking; the bank anyway won't get more than $250,000 if they sell it, so if I make them a cash offer of, say $200K they might take it. Would appreciate any guidance here, thank you.

0 Votes