Has anybody ever bought a home with a reverse mortgage on it? The only thing I can come up with is to list it on the market. Numbers are too tight for anything else and with reverse mortgage if they leave the house it’s in default so Sub-2 is out. If they die it’s in default for 6 months. Basically if they not living there it’s in default and the heirs have 6 months to sell or buy it themselves. I’m still doing my research on reverse mortgages, if anyone has delt with them before feel free to chime in. Thanks.
It Has to be paid off at a sale....if there is equity they need to just straight up sell it.
@Wayne Brooks yea the bank did a second appraisal and the value went up which ate up the little bit of equity they had. I may just list it on the market for them and they walk about with a little money.