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Reverse Mortgage, Trick or Treat?
I attended a seminar last week that I thought was a total waste of time. It was a class on how to work with buyers on short sales, and there was nothing new.
However, one of the sponsors was a large bank touting how to make sales with seniors using reverse mortgages to buy a home. I still didn't think it was a big deal. The very next day, I had one of my sellers want to see a home that was on the market, and we didn't have a contract on his home yet. He was also reluctant to lower his price, so at first I was thinking this was a total waste of time. You know the drill.
Before I showed the home, I had both husband and wife in for a consultation to try and find a solution to get him to lower the price and get his home sold so he could buy. He knew what price home he wanted to buy and was convinced he had to get that money out of the sale of his home, which I knew wasn't going to happen,
I got them on the phone with the reverse mortgage lender and by ... more
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