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Buying a property that has a reverse mortgage on it?
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ozzymydog
Posted 4/25/2022 20:59 (#9632128 - in reply to #9631516)
Subject: RE: Buying a property that has a reverse mortgage on it?


55912
I was pretty vague on what I'm asking. How long do the property owners have to make a sale or make reverse mortgage lenders whole? The way I think I understand it is the original owners have the option of fulfilling the mortgage amount or forfeit property. Is a timeline of exercising this option standard amount of days or? If a person borrowed 80,000 on a reverse mortgage in 2013 on a property with an appraised value on 130000 what would be a guest ament of pay off now?
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