Did you know that 60% of all Reverse Mortgages are upside down?
I'm hoping an AR member can help my family with our situation:
Our Mom, sadly, passed away and left an estate with a house worth about $225K (before repairs), a reverse mortgage of $308K, and around $200K in medical bills.
Our parents dream was always to save the house for use of the kids and grandchildren on vacation. The kids want that dream to go on and have some sort of means to facilitate it.
Do we let it go into foreclosure?
Do we attempt a Short-Sale purchase from the lending party? Is this even an option?
Any advice would be greatly appreciated.