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Updated over 8 years ago on . Most recent reply

Reverse Mortgage need advice
Most Popular Reply

Ask yourself, " Would I want this house if it belonged to anyone else?" Financially, it is dead on arrival. It makes absolutely no sense, financially, to buy this house. You said there is no equity. You can't make investment/financial decisions based on emotions unless you want to throw money out the window, which sounds like he doesn't have any. If he were a multi-millionaire, it wouldn't matter.
Your uncle was irresponsible in failing to pay the taxes for 7 YEARS. This is not a clerical error. If he wants the house, he needs to pay the dues and pay off the reverse mortgage. If not, the bank owns it and they will sell it to the highest bidder.
If I were you, I would not contribute one dollar to this deal because it doesn't help you uncle. It enables him to keep living there for free. I think it's time Uncle started participating in his financial future.