Strategy when buying a house with a reverse mortgage
Hello all,
I have a line on a property in San Antonio. It has a reverse mortgage on it (approximately $120,000). I have been speaking with one of the heirs and they are looking to get rid of it.
My question is, what would be the best strategy? I don't know much about reverse mortgages and if there are specific strategies when buying real estate that has one on it.
My thoughts:
-If they can make payments on the reverse mortgage (they told me they only offer buyouts to the heirs), a seller financed option might work.
-I could just get the cash to the heir, then do a double close situation and get the property that way.
Any help is greatly appreciated.