Updated almost 8 years ago on . Most recent reply
Purchasing home with reverse mortgage
My relative's house has a reverse mortgage. I'm not listed as the executor or beneficiary in his will. Unfortunately, his health has declined recently. He said I can have the home if I payoff the reverse mortgage. What are my options? I was considering just doing a FAR/BAR real estate contract for the purchase of the home at the reverse mortgage payoff amount. I really do not want to assume the property prior to his passing, but I can if need be. My other thought was to have him put in his will that the house goes to me. Unfortunately, I don't think he is mobile enough to go to the lawyer's office. Also, I don't want to put him through that at this point.
How would you handle this situation?