Private reverse mortgage?

[Jennifer Anderson]

Hello and thank you for any advice. Here is the situation-

I found a house I can purchase well below market. The owner would like to have six months after the purchase before vacating and will pay me the six months of loan payments from the sale proceeds.

The house is assessed at 400k. I am buying for 225k. In a great neighborhood.

I’d appreciate and value your input. Thank you for reading!

[Chris Seveney]

@Jennifer Anderson

That is a lease back not a reverse mortgage. But be aware you cannot do a private reverse mortgage you must be an approved lender and borrower must go through very specific education on the loan