I just watched the video above from a Realtor I work with about reverse mortgages. I had received a call about the property from the seller as he was trying to find out what his options were and was hoping to get at least some money from his parents estate to help with his own bills.
We talked for awhile on the phone and I called my Realtor as it did not seem like we would be able to make a cash offer on the property
We met with him at the property and took a look around. As she mentioned in the video it was a different market in 2008 and they had no problem giving them a reverse mortgage even though their attorney advised against it
There was also lots of fees as well as the double digit interest rates.
Now he is in a position where they are going to take the house back as there is no equity left for him to sell it and pay the closing costs.
When signing up for a reverse mortgage please look at all your options and contact an attorney or a finacial planner and determine if this really is the right course for you and your family.
If you are looking to sell your property located in Central Alabama please contact us at TBark Property Solutions and we’ll take a look.
We also work with investors in other parts of the country so if you have a property somewhere else let me know and we will find you a contact in the area.
If you have any comments please post them below.