Home Buying in 86322>Question Details

Kitty, Home Buyer in 86322

buying property with reverse mortgage?

Asked by Kitty, 86322 Mon Jun 11, 2012

Are there any problems associated with buying a property currently under a reverse mortgage?

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Answers

6
10 votes Thank Flag Link Sat May 4, 2013
I would like for you to go to my web site http://www.CottonwoodHomesforSale.com On the lower left column click on Reverse Mortgage Information. There is extensive information to watch out for. Please be very careful and understand the entire program as to what name they will be using; yours or your husbands!!!!!!. Very interesting about a 91 year old woman that may lose her home.

This has to do with FHA -

Let me know how this information helps you and I do ADVISE YOU TO CONTACT AN ATTORNEY THAT SPECIALIZES IN REVERSE MORTGAGES!!!!!!!!!!!!!!!!!!

All the very best to you and yours.

Sincerely,

★ Sandra J Steele, Branch Manager
REALTOR®., SFR, AHWD, SRS
WISE CHOICE PROPERTIES
Sedona/Verde Valley Branch

Web page: http://www.CottonwoodHomesforSale.com
E Mail: Sandra@CottonwoodHomesforSale.com
E Mail: DesertDwellers@CableOne.net

928 649-9888 Direct Line
928 301-3898 Cell
888 460-2911 Toll Free

Let My 34 Years of Experience Work for You!
1 vote Thank Flag Link Thu Feb 21, 2013
You have been pursuing this for at least 8 months,
you have yet to consumate it,
You aren't listing to the Realtors who have answered you, (sans Sandra)
what's the problem?
0 votes Thank Flag Link Sun Mar 3, 2013
Thanks Sandra , for your reply. Our situation is somewhat different , in that we are planning to purchase a property that the SELLER has under a reverse mortgage We do not have any interest in obtaining a reverse mortgage ourselves ...we plan to use a conventional loan to purchase the property.

While we understand that the majority of reverse mortgages continue until one or other of the owners is deceased, in this case the owners are planning to move out of the area and will no longer occupy that property and so wish to sell the property. This is a FSBO, by the way.

We have been told that (with a reverse mortgage short sale ) the seller has the right to sell their property at 95% of the appraised value.

We are specifically looking for information about reverse mortgage short sales and would be appreciative of advice from anyone who has had experience in this matter.
0 votes Thank Flag Link Sun Mar 3, 2013
No, the seller has the right to sell as long as purchase will pay off the current note in place. Unless the amount owed by the seller on the note is grater then the purchase price. Then the seller would have to see if they could be approved for a short sale, or they could pay the difference between purchase price and the outstanding note amount.
0 votes Thank Flag Link Mon Jun 11, 2012
No because the new loan you obtain to buy it will pay off and remove the old loan. That is true for any home bought with a new mortgage, the old one is always removed unless it is assumed.
0 votes Thank Flag Link Mon Jun 11, 2012
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