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Question regarding reverse mortgages
Posted on 8/29/23 at 7:25 am
Posted on 8/29/23 at 7:25 am
Has anyone on this board had to make the decision after their parents have passed away on a reverse mortgage? I'm having to do a small succession and the attorneys are not sure on how much they can talk the reverse mortgage holder down off what is owed. Some poster on the OT had mentioned that he bought a house that had a reverse mortgage for practically next to nothing
Any here dealt with the options when last parent passes? If so how successful were you with negotiating on the payoff? Thanks in advance for any responses.
Any here dealt with the options when last parent passes? If so how successful were you with negotiating on the payoff? Thanks in advance for any responses.
2
Posted on 8/29/23 at 7:30 am to windhamtiger
Uh, why would the lender negotiate on the payoff? It has a mortgage on the property. Why wouldn’t they be due to be paid what they are owed?
Posted on 8/29/23 at 7:38 am to SloaneRanger
They send you a lost mitigation package and they already tell you that they will take a short sale in Lou of a fool payoff and they will take 95% value of a third party appraisal that they will take because it does not work like a regular mortgage on the house it is a reverse mortgage are very negotiable from what I have been told I'm just asking has anyone else had experience with them several people have told me they will definitely they don't want to fool with it And they don't want to foreclose on it if you don't do a third party sale or if you don't keep it as an air but I'm just trying to find out has anybody done this before
Posted on 8/29/23 at 7:42 am to windhamtiger
Well if they are under secured that makes sense. I didn’t think reverse mortgage lenders allowed themselves to get in that position very often.
Posted on 8/29/23 at 7:45 am to SloaneRanger
I hear you my brother I'm in agreement with you thanks
Posted on 8/29/23 at 8:35 am to windhamtiger
So the property is upside down?
They arent going to reduce the payoff unless they are
They arent going to reduce the payoff unless they are
Posted on 8/29/23 at 9:18 am to SloaneRanger
quote:
Uh, why would the lender negotiate on the payoff? It has a mortgage on the property. Why wouldn’t they be due to be paid what they are owed?
The lender in this situation is dead. The mortgage company "owes" the deceased lender. That money is probably now owed to the kids.
Posted on 8/29/23 at 9:24 am to notsince98
quote:
The lender in this situation is dead. The mortgage company "owes" the deceased lender.
Posted on 8/29/23 at 9:54 am to JohnnyKilroy
i for one am not following
Posted on 8/29/23 at 12:15 pm to notsince98
quote:
The lender in this situation is dead. The mortgage company "owes" the deceased lender. That money is probably now owed to the kids.
You like those delta 8s, don't you?
Posted on 8/29/23 at 12:18 pm to notsince98
quote:
The lender in this situation is dead. The mortgage company "owes" the deceased lender. That money is probably now owed to the kids
And you just publicly admitted that you know nothing about the subject of this thread.
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