OfflineSearching a website for possible deals in our local area I saw a property advertised as a "Reverse Mortgage Foreclosure" Can somebody please explain what all is involved with this and how it would be handled? We are brand new to REI and trying to learn 
Thanks!!!
Kerstin
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means that say you have equity in your house for 30K. You owe 60k on the home. Seniors may take out a reverse mortgage, and live their until they die, but when they die the bank will get the home, not the heirs. I am not sure that we have much we can do with reverse mortgages. I wonder if anyone knows.
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These are the new fangled lending instruments that came out right after the housing and banking crashes and scandals. All I know is they are complex, relatively new to the industry, and NOT for beginners. I personally am afraid they might become the next mortgage lending scandal, because they were thought up by the same banks who got busted for unethical ARM's, "liar loans," robo-foreclosures, and the like. I haven't done a deal yet, so take it for what it's worth, but I do know this for a FACT: Any other type of deal imaginable will be EASIER to do than shortsaling a reverse mortgage. Best of luck to you...
Paul: "I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when my fear is gone I will turn and face fear's path, and only I will remain."
Duke Leto: "I'll miss the sea, but a person needs new experiences. They jar something deep inside, allowing him to grow. Without change something sleeps inside us, and seldom awakens. The sleeper must awaken." - "Dune."