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In Virginia can a reverse mortgage company force the estate to make up the difference between what is owed and value of house

by ellen007175 from Williamsburg, Virginia. Jan 6th 2015 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,325 contributions

The great thing about a reverse mortgage is that you get the best of both worlds.. if there is equity, it's the estates to keep if they payoff the balance or sell the property.. if there is a deficit then the estate is not liable.. you simply contact HUD and hand the keys over. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Jan 6th 2015
Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

NO. The way Reverse mortgages were designed is to allow the estate to not be responsible for any deficiency that may occur. If the home is worth less than what is owed, then the estate can return the home to the bank and the Mortgage Insurance that was built into the loan takes care of any shortage. However, if you want to keep the home, you would have to negotiate with FHA to purchase it from them after the foreclosure. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ ~ 888-889-9950

Jan 6th 2015
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