Reverse mortgage! Should I wait until they take the property back

6 Replies

I have a seller but it has a reverse mortgage and the seller wants me to pay the reverse mortgage and take possession of the property. I was wondering is that a good idea or just wait until the reverse mortgage company puts it on the market

Originally posted by @Abram Calhoun :

I have a seller but it has a reverse mortgage and the seller wants me to pay the reverse mortgage and take possession of the property. I was wondering is that a good idea or just wait until the reverse mortgage company puts it on the market

 Impossible to know, you don't give us any numbers to work with.

The reverse mortgage company might keep it or sell it off market as well, plus unless this seller is terminally ill they could live for another 20 years for all we know.  If you want it now your only option may be to pay off the reverse mortgage.

I am not super familiar with reverse mortgage but if you do some basic math

$72,000

-$50,000 purchase price

-$5,500 selling costs

=

$16,500 

assuming your numbers are correct and you don't have to do anything to the home before sale