Reverse Mortgage Problem

2 Replies

Greetings, I am looking to put a property under contract of a person that just passed away. I am working with her nephew and he mentioned that he believes there is a reverse mortgage on the property. What is the next step for me? Is there a way for me to still put this under contract? Thanks for the responses!

you can, you would have to pay back the mortgage company the money that was borrowed. reverse mortgage is a lien on the property for the money that was used. almost like a home equity line of credit.