Shop Products
Houzz Logo Print
weed30

Reverse mortgage if upside down?

weed30 St. Louis
14 years ago

My dad owes more than his home is worth, and is facing foreclosure fairly soon if he can't come up with some cash. Even if he pays this time, this situation will keep happening. Can he get a reverse mortgage even though he owes more than it's worth? I know he couldn't get any kind of additional money, just no more mortgage payment, right? He will be 82 in May. The house is in OK shape - needs some repairs but nothing horribly major.

Another question: What type of professional should I seek for advice on his overall financial situation? He owns two other pieces of real estate (commercial) that he's trying to sell, and has a contract on one of them. He owns a handful of collector cars and other items of value. I think I need to work with someone who can look at his entire financial picture and advise on the best way handle his affairs. I am also the executor of his will, when that eventuality occurs.

Comments (3)