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Updated about 8 years ago on . Most recent reply

Michael H.'s profile image
Michael H.'s profile image
Michael H.
  • Investor
  • from Kansas City, Missouri
  • Member since Mar 24, 2016
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Michael H.'s profile image
Michael H.'s profile image
Michael H.
  • Investor
  • from Kansas City, Missouri
  • Member since Mar 24, 2016
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Michael H.
  • Investor
  • Kansas City, MO
64
Votes |
130
Posts
Buying & Selling Real Estate

Reverse Mortgage

Michael H.
  • Investor
  • Kansas City, MO
Posted
I was recently contacted by a friend's mother whose neighbor has a reverse mortgage and will be "losing it" to the bank. Is this considered a foreclosure? Will it go to auction? I'm planning on contacting the bank that owns the mortgage but not sure what to ask or even if they'll give me any info. Suggestions welcome. Thanks.
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Charlie Chung's profile image
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Charlie Chung
  • from Burlingame, California
  • Member since Jun 27, 2016
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Charlie Chung's profile image
Charlie Chung's profile image
Charlie Chung
  • from Burlingame, California
  • Member since Jun 27, 2016
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Charlie Chung
  • Burlingame, CA
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Charlie Chung
  • Burlingame, CA
Replied

This is strange. The whole purpose of a reverse mortgage is that you can't lose the house as long as you live in it. Perhaps the homeowner violated some agreement (such as moving out).

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