Reverse Mortgage Short Sale
What will happen, when a home owner has a Home Equity Conversion Mortgage (HECM) (aka Reverse Mortgage) and their home is no longer worth what they borrowed?
This client needs to sell their home and they will owe around $200,000.00.
The home will probably sell for about $70,000.
Has anyone had experience with this?
What do our mortgage folks know about this?
Thanks for your input.