Updated over 14 years ago on . Most recent reply
Seller Financing/Reverse Mortg
I have a deal where the owner is 92 yr/o. her children are 65-58 then there are 1 or 2 grands. the owners including kids really like me and want me to buy the house. I can't qualify for the financing it needs. home needs minor updating, nothing major, i can do work myself.
Can i offer the owner seller financing through a reverse mortgage? Pulling out a lump sum then monthly payments. Property is a 3 family. 2-3yrs would give me enough time to put income on my books from the property.
can i put a set time length on the reverse mortgage? then when i'm ready buy the property outright?
Or should i have owners use equity as collateral to setup an immediate fixed term annuity with initial lump sum payment and monthly payments until im ready to make the purchase?