Talk of The Villages Florida - View Single Post - Run Down Reverse Mortgage Houses
Thread: Run Down Reverse Mortgage Houses
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Old 06-07-2013, 11:36 PM
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Originally Posted by another Linda View Post
For homes that have a reverse mortgage, when the owner dies the property reverts to the bank that extended the reverse mortgage. If that is really the case, I wonder if the banks don't have more than they can handle. Whomever is responsible, it is bad advertising for TV to have this situation. Makes you wonder what areas are next.
I think that since these are manufactured homes, many have no value other then the land. The bank probably has no interest in maintaining them as all they will be selling is the land. I don't know that much about reverse mortgages, but I would guess that the bank doesn't give full value of the home when these deals are made. Most of these lots are worth about $40,000. If the bank gave $35K-$40k in a reverse mortgage they are not interested in putting a lot of money into a house which they feel will probably be torn down and replaced.
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