I’ve been seeing a lot of reverse mortgage foreclosures. A reverse mortgage is one in which mortgage payments are not required until the borrower passes away and at that time the loan is due. Now although mortgage payments are not required, the property still must be maintained in satisfactory physical condition with homeowner’s insurance and property taxes up-to-date. All of these are reasons why a reverse mortgage can fall into foreclosure.
Let’s say a $300k reverse mortgage goes into foreclosure for any of the above reasons and a family member wants to keep the house but the house is only worth $200k. You can hire me and I will help you to purchase the property with the shorting lender agreeing to a $150k sale price. How am I able to do this? First, nothing underhanded, illegal, or unethical takes place. Short Sales are all about setting expectations and perception trumps reality. This is as much as I can share with you in a blog post. Want to take ownership of a property with a reverse mortgage lien for significantly less than current market value? Call me. I shall help you.