All Forum Posts by: Elijah Joseph

So would it be right to say to an heir, "I understand that the house has a reverse mortgage on it, however I'd still like to make an offer on the property if you're interested", and go from there, OR, would you try to see their education level on how reverse mortgages work when trying to get the house under contract? From what I've seen on Youtube and other discussions I've had, its beneficial for the heir to either pay the mortgage themselves OR sell for equity. Right?

@Chris Mason, thanks for your reply! I've still got a few questions if you don't mind...

If the home goes to a reverse mortgage company, is it too late to make an offer on the property? If not, who would I make the offer to? 

Secondly, when the legal owner dies, who then takes title?

Thirdly, if the mortgage company is paying the owner for living in the home, how does the lender get their money back? Would a lender simply take the asset back as their own and sell it to balance out or, are the heirs then responsible for the remaining balance?

Lastly, Is there a way to either stop the reverse mortgage process?

All the best, 

Elijah Joseph

I was cold calling some leads today and I came across something I've never heard of before: Reverse Mortgage. I did a little bit of research on it and found a few terms and definitions that I'll use to understand the theory behind them. Practically however, I don't understand them. Essentially, you get a mortgage in reverse because you can't afford to pay for your mortgage and then the lender pays you? How does this benefit in any homeowner? Can anybody explain further and give insight on how to help a seller who has a vacant home with a mortgage in reverse?! 

Thanks in advance!

Elijah Joseph