Jeffrey Jones, AZ Home Seekers, azhomeseekers.com (AZ Home Seekers)

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Rainmaker
624,825
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

We inherited a home with a Reverse Mortgage on it.  Not fun!  You need to pay off the loan right away or sell the home within a given amount of time.  The lender has rights to to property that should be unconstitutional.  It is great for the people that own the home and need money but the rights of the survivors are inhibited.

Oct 30, 2015 02:16 AM
Rainmaker
2,610,400
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

I hear not so favorable mentions on this subject during and afterwards

Oct 30, 2015 01:26 AM
Rainmaker
4,733,499
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Surprised, as the only one I have done was absolutely easy peasy!   This was prior to new regulations though.  Best of luck!

Oct 30, 2015 09:33 AM
Rainmaker
3,296,977
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I did close one earlier in the year, it was A SFR though. It took about 45 days and was similar to a fha type loan. 

Oct 30, 2015 08:56 AM
Rainer
22,010
Mike Sasse
OfferPad Home Loans, LLC - Scottsdale, AZ
Sales Leader

I haven't heard any horror stories, maybe because they are realitively rare.

Oct 30, 2015 08:20 AM
Rainer
303,411
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

A reverse purchase should be a fast easy transaction.  They take the class. They provide SSI card and second form of ID. They discusss which type they want. Close in a couple days. Sounds like lender isn't going out to their house and finishing the circle.  If you need guidance call me I can talk them through the bumps It doesn't make sense to switch lenders but get them to the finish line. Is it Liberty? biggest negative is it is VERY EXPENSIVE

Oct 30, 2015 07:12 AM
Rainmaker
634,272
Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I haven't had to do a transaction that included one of these but inherited a home with one and consulted for a friend using one to purchase (in another state). Not fun in either case!

Oct 30, 2015 06:54 AM
Ambassador
4,312,167
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeffrey Jones - not yet.

And from your question, it seems, it's not something that is really desirable.

Oct 30, 2015 02:53 AM
Rainmaker
864,258
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Grateful not to have had the experience first hand. Heard reverse loans take bigger bite than loan sharks. 

 

Oct 30, 2015 02:33 AM
Rainmaker
1,135,987
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

There are a number of older folks sitting on expensive lots that they paid little many years ago. All can survive from their pension and soicial security.

They will not even consider a risky reverse mortgage even after someone brings in a pine wood box. 

Oct 30, 2015 02:17 AM
Rainmaker
6,366,309
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This transaction should be a good blog topic. 

Oct 30, 2015 02:01 AM
Ambassador
5,211,900
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Seems risky, hope they have wise counsel.

Jan 05, 2019 10:57 PM
Rainmaker
3,069,684
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Not so far

Oct 30, 2015 03:38 AM
Rainmaker
868,991
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

I have been on both the buying and selling side, including short sales.

They are different, but I did not find them difficult. Like every 'non-typical" purchase or sale, you need to read all the instructions.....then do it again.

The pay off and associated fees I thought were entirely reasonable.

 

Oct 30, 2015 02:48 AM