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Aaron Schwartz
  • Real Estate Investor
  • Abilene , TX
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House with Reverse mortgage?

Aaron Schwartz
  • Real Estate Investor
  • Abilene , TX
Posted Dec 15 2009, 11:11

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.