Quote:
Originally Posted by Mack184
In a reverse mortgage the bank fully requires you to keep up the condition of the property and abide with all of the various deed restrictions or you can actually lose that mortgage.
In a standard mortgage situation the last thing that the bank wants is to wind up owning the house. With a reverse mortgage it's just the opposite. That's their payback asset. When they finally take title to the home, you can bet that they will have it in tip-top shape and expect to sell it for a profit ASAP. So I doubt the "broken window" houses are from reverse mortgage contracts.
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Is the reverse mortgage note a personal opinion or an educated one based on fact?
I know a house where the owner passed away. She had a reverse mortgage. The bank immediately turned off the water, gas and electric so there is no temperature control in the house so I assume it is all going to pot. The lawn is being mowed but since there is no water there is no irrigation and the grass is dying.
Please explain.
Z