Question Details

Jonnie Warmo…, Home Seller in 98034

What fees must the buyer pay when trying to purchase a bank owned home that was a reverse mortgage?

Asked by Jonnie Warmoth, 98034 Sun Mar 17, 2013

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Tim Moore’s answer
It does not matter what type of loan it "had". If the bank owns it then you will get a new loan to buy it and what was there is meaningless. You will pay any fees your new lender wants, like points and discount points as well as closing costs. Talk with a lender to see if you can get a loan and the loan officer will tell you what the costs will be.
0 votes Thank Flag Link Sun Mar 17, 2013
It is my understanding that there are different rules governing the sale of a foreclosure on a home that had a reverse mortgage...such as not being able to offer under the listed price and having to pay the excise tax, the title insurance policy and more...things that would normally be the seller's responsibility. So have you dealt with foreclosures on reverse mortgage homes? And if so, could you offer some help as to the process that the buyer goes through?
Flag Sun Mar 17, 2013
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