Reverse Mortgage, Single Family
Greetings from New Jersey,
A seller I contacted through my probate marketing campaign has recently got back to me and revealed he has a reverse mortgage on his property and wishes to get rid of it and claims he wants “nothing” to do with it. The property’s ARV is between 133-141k single family home with me setting out to view the property on Monday for a repair estimate. He claims he needs to get the papers to find out how much the reverse mortgage is so that leaves me with my question. I’m not familiar with reverse mortgages so should I treat this like a lien or loan and also would you move forward with this property? I don’t want to do a undoable deal but I will pursue no matter how little the profit if there is to made depending on the reverse mortgage