Reverse Mortgage on a Pre-Foreclosure
Ok, need a little (or a lot) of advice... a man living across the street from my parents passed away about a year ago. He apparently had a reverse mortgage on his 2 bedroom 2 bath property and left no will, so there is no direct ownership of the property.
I have been in contact with his brother who is the executor of this man's estate and the brother is filing for 'guardianship' in the hopes that he can sell the house to me.
Oh, and this would be my first flip if I can make the deal happen :-)
I have all the resources to flip it effectively and with it being across the street from my parents (who have built, house hacked and flipped several properties together) it is in an ideal location.
Any advice on how to work with the brother, bank and nature of reverse mortgages on pre-foreclosure properties (in New York State, northern Westchester county) would be appreciated!