Discover what a real estate investor needs to know about reverse mortgage investing as well as how to approach a real estate seller that has a reverse mortgage on their home.
ABOUT THE AUTHOR
Phil Pustejovsky
Phil Pustejovsky is one of the most experienced real estate investors alive as well as the mentor and coach to many of the most successful real estate professionals in North America. He is the best selling author of two books, How to be a Real Estate Investor and Real Estate Investing Gone Bad and has one of the most popular real estate YouTube channels in history. Having been a part of thousands of deals, Pustejovsky has been recognized as one of the leading real estate investing authorities in the world and has been featured in Huffington Post, Business Insider, Entrepreneur and Inc Magazine. His mission is to provide the greatest real estate investing wisdom available and deliver the very best real estate coaching and mentoring services money can buy.
I m in good health and don’t plan to go any where.
My husband was..WWII DISABLED VETERAN. IN 2015 HE HAD PANCREATIC CANCER. MEDICARE AND VA did not pay all his medical bills. We got threats our house would be sold to pay the medical bills. We were advised a reverse mortgage would
Be the best way to save our home
We got a reverse. Mortgage. My husband passed in 2016
Since then the reverse mortgage has consistently tried to steal my home. The present attempt they are using to take my home
Is for $40.60 taxes. In S.C. disabled Vets do not have to pay taxes on their home. I have a letter from the VA whick clearly states, As the Vets spouse I am exempt. I sent the letter from the VA to the reverse mortgage co. They kept saying the letter was never received 2/1/21 I faxed.the letter from a Fed. Express office 🏢 with the VA letter and a paid.receipt from Greenville County showing I paid the taxes. Two weeks ago I get a message from the bank for reverse mortgage that I have
To pay the 40.60 to stop forclosure. I went to the tax office which confirmed I paid the taxes 2/1/2021
I Fed x. both receipts to the bank as requested on Friday two weeks ago
I have called the bank Every time I get the same answer. My.fax.has not been received and did I send and to where. Of course I faxed the documents to the. Information the bank officer gave me. The advise I was given. Send the documents again. Sure while they are trying to STEAL MY HOME
I SAID YOU MEAN YOU WOULD TAKE MY H0USE FOR 40.60? SHE LAUGHED AND SAID. ” WE HAVE TAKEN HOMES FOR A LOT LESS. Less than 10.00. I am a retired paralegal. This reverse mortgage needs to. EXPOSED.
I WELCOME YOUR REPLY AND ADVISE.
I have a different take on this situation:
1) Interest and fees accrue to the point where it is almost impossible to sell, even at retail.
2) If the owners are no longer able to live independently, the property can be turned over to HUD
I know this because my parents had a reverse mortgage (unless things have changed)
Most of what you said I’m sure it’s true and current.
Thanks Phil, you are awesome!
It’s been a while since we had to do a short sale on a reverse mortgage deal thanks to the rapidly rising prices but if values don’t rise (or drop in value) for many years, it is possible to have an upside down reverse mortgage deal. As for a situation whereby a borrower must move out (such as moving into a nursing home), that would trigger the lender to foreclose.