How to wholesale a house that has a reverse mortgage

Buying & Selling Real Estate
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How to wholesale a house that has a reverse mortgage

Lucy Daniels
New to Real Estate · San Antonio, TX · Member since 2020 · 7 posts · 1 vote

Hi Everybody

I am new to wholesaling and a friend was telling me about a person who has a house for sale but it has a reverse mortgage. How do you work with that? What are the options?  I would appreciate any advise. 

Thanks, 

Lucy

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  • Steve Morris
    Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
    5y

    Well, if you close, price prob has to be more than the loan payoff.  Start there.

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  • Lucy Daniels
    OP
    New to Real Estate · San Antonio, TX · Member since 2020 · 7 posts · 1 vote
    5y

    Yes, the price is more than the loan, but the owners are asking market price. The house is in very good shape so they are going to list it. Thanks, for  your reply. 

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