Is it Possible to Complete a Short Sale When You Have a Reverse Mortgage?
Hi there, I am Shawn Polston here with TucsonShortSales.com, one of Tucson’s leading short sale teams. I wanted to talk to you today about reverse mortgages and short sales. For those of you who are not aware of what a reverse mortgage is, it is a product, generally speaking for folks who are up there in years, and I think the requirement is over 65. Depending on how much equity you have in your property, a reverse mortgage will actually pay you every month. One of the things I have found out there in my looking around the internet is there are actually some people out there claiming that you cannot do a short sale on a reverse mortgage. Nothing could be further from the truth.
In situations where there is definitely some sort of hardship, the lenders are interested in doing short sales on reverse mortgages. Maybe something has changed, there has been a job loss, or unfortunately a death of someone who was involved in a reverse mortgage, chances are, your lender will work with you on your situation.
I wanted to get that out there and make sure you know that it is an option. If you have any questions about how short sales and reverse mortgages work, please do not hesitate to pick up the phone and give me a call. You can also fill out the short sale request form on our website. Again, I am Shawn Polston, one of Tucson’s leading short sale teams and we are here to help. I look forward to speaking with you soon. I hope you are having a great day, thanks.
