Updated about 7 years ago on . Most recent reply
Reverse mortgage foreclosure
Looking at a reverse mortgage foreclosure that will sell on the courthouse steps. The owner is deceased. Loan said it was for 181k. And originated in 2011.
Given that the bank has not given out the full value of the loan yet given the 7 year time frame. Is the bank bid Normally for the full value of the loan (181k) or is it closer to what they have spent on the reverse mortgage?
I am assuming that it would go for 181k since this would be how the bank makes their money on reverse mortgage. Is this correct?