Reverse mortgages

Posted in Creative Real Estate Discussions
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  • Raymond Trounday
    September 12, 2017 at 6:23 pm
    Raymond Trounday

    I have been working with a seller and he mentioned that he was on a reverse mortgage. I asked how much he owed the bank he said ~$281k. When I review RealtyTrac, it has him owing ~$544k. I don’t know who to believe. Is it possible that the bank took a %544k lien on the home and he has used ~281k of it? Or is the seller, trying to put a fast one on me. I am not sure how he would think this would not come up during a potential escorw. Any Reversse mortgage experts in the room.

    DON WEDE
    September 12, 2017 at 6:44 pm
    DON WEDE

    Ray,
    My guess is that the mortgage is for $544K remember a mortgage is no more than a security agreement for the note. The amount owed is more than likely 281K.

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