Reverse Mortgage need advice
Hello BP
My grand mother passed about 3 years ago. She had a reverse mortgage. Her son/my uncle whom was living with my grand mother when she passed in appointed the estate has been living there rent free and hasn't paid any taxes. So currently over 7k is owed in taxes. Most of the equity is gone because of the reverse mortgage. The bank owns it and some sort of community agency agreed to purchase it from the bank and give him a 100 year lease. But first he would have to pay taxes and closing costs. This all sounds crazy to me.
The single family home is in Newport RI
3/1 been on the market at 140k for a year
The bank wants more than the community agency has to spend so the last I was told that they are trying to appraise the house to get a lower value due to damages.
What I need to know is what are the possibilities of me saving this house that's been in the family for over 60 years and was once paid in clear.
What steps should I take. What do I need to convince my uncle of. Should I just let it go? Isn't help will be helpful
Thanks