Reverse Mortgages and Short Sales Unlike a typical forward mortgage, in which the homeowner makes payments toward the principal and interest, a reverse mortgage allows owners age 62 or older to use the equity in their homes to receive cash without having to make any payments.
The reverse mortgage means that the bank sends you a payment on the equity in your home. If one passes away or the property is no longer eligible, then a refinance, sale to third party, or the bank will take the deed status. Short sales come as an option before foreclosure of mortgage or deed of trust sales.
Reverse Mortgage Short Sales. Started by Mori Langshaw Sr. Last reply by Bill Garrett May 24, 2011. 4 Replies 2 Likes. Has anyone done a short sale where there was a reverse mortgage. I understand that the loan docs are written completely different for these. Advice?
Proprietary reverse mortgages are usually available only for very high-value homes. A reverse mortgage is different from a traditional mortgage in that it doesn’t require the borrower to make monthly payments to the lender to repay the loan. Instead, loan proceeds are paid out to the borrower according to a plan.
mortgage rates fha loan FHA currently has 4.8 million insured single family mortgages and 13,000 insured multifamily projects in its portfolio. Note that the FHA has maximum mortgage limits based on the place you live. To find out how much house you can buy with an FHA loan use LendingTree’s FHA loan limit tool.
Laura, most reverse mortgages are guaranteed by HUD and I am not aware of any deed restrictions for HUD. We have closed many reverse mortgage Short Sales and none of them had restrictions. If for some reason the servicer has issued a deed restriction, it should be in the approval letter.
Specifically, regulators are looking into whether the non-bank servicer is “thwarting” a new rule that mortgage servicers must approve or deny a short sale within 30 days of application, delaying such.
Re-sale deals followed (34.4%), joined by short sales (32.4%) and newly constructed homes (16.8%). But while the percentage of REO cash sales were high, these types of transactions made up only 7.8%.
My uncle has a reverse mortgage.. he owes $289,000 my mother in-law wants to buy it for $300,000. From my understanding you cant do a short sale. So what are their options. How does my mother in-law approach this?
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Clearly, Americans need to include home equity and consider reverse mortgages as part of their retirement income strategy. Anything short of at least considering how to use home equity as a retirement.
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