Has Anyone Purchased A Property That Had A Reverse Mortgage?

Has Anyone Purchased A Property That Had A Reverse Mortgage?

Lender · Fort Worth, TX · Member since 2017 · 27 posts · 8 votes

My business partner and I found a lead. It's an elder woman who is motivated to sell, but she has a reverse mortgage. 

We're thinking of using the subject- to strategy and are curious about how this will differ from a regular mortgage or if it will essentially be the same process?

Has anyone had any experience with this before?

Thanks in advance for any answers/advice!

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  • Real Estate Broker · MA · Member since 2013 · 361 posts · 297 votes
    8y

    You cannot use a sub-to arrangement with a reverse mortgage.  When she leaves the house, the mortgage is called.  Period.

  • Lender · Fort Worth, TX · Member since 2017 · 27 posts · 8 votes
    8y

    @Phil G. Gotcha. Thanks for clearing that up!

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