Reverse Mortgage

1 Reply

I am thinking about buying my grandmothers house which has a reverse mortgage in place.  I do not know all the specifics about the remaining loan (reverse mortgage value, remaining equity or debt). Has anyone been down this avenue before and what is the process of making such a purchase?  I have been reading some links online but it still a bit foggy.  Looking for some advice from real experience professional on this site.  Any information would be greatly appreciated.

Thanks,

Chad

It is not really any different than buying a home with a normal mortgage. Just find out if there is a mortgage cancellation penalty. Then you buy the home like you would any other, and the attorney at closing takes care of paying out what is owing on the mortgage, like they would with any other mortgage.

I think you are over thinking this. Treat it essentially like a normal mortgage that will be paid off.