House with Reverse mortgage?
ok i have read a few posts on here that if someone inherits a property with a reverse mortgage on it they can sell it even with negative equity and FHA makes up the difference.
Is this true?
Heres my situation.. a lady who i had sent a post card to just called and said she would like to sell her house she inherited. It has a reverse mortgage on it from her mother who has passed owing 60k. House is worth 70k
Is she allowed to sell for a deep discount?
Or does it need to go through a short sale with he mortgage company?
thanks in advance.