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Old 12-03-2010, 09:52 PM
 
1 posts, read 1,838 times
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Inherited a piece of property with a reverse mortgage on it. We have the property for sale. Sale fell through now have less than 90 days left until bank can foreclose on property. Was told we can use the equity of the property to buy the loan((basically refinancing). Which would pay off the reverse loan. We would then not have a deadline looming.
Have talked to so many people am very confused.
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Old 06-09-2011, 07:21 AM
 
Location: NJ
17,579 posts, read 41,679,825 times
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Quote:
Originally Posted by Revmortgageguru View Post
Talk to a mortgage lender about a cash out refinance to pay off the reverse mortgage with the new loan. You inherited a home with a reverse mortgage on it right? If the home has a market value greater than the reverse mortgage balance and you can qualify with your income and credit you should be able to refinance that loan.
That 90 day window came and went.
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Old 06-17-2011, 09:25 AM
 
48 posts, read 128,460 times
Reputation: 20
You could not sell the property in 12 months?
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