We've just found a house that has a reverse mortgage on it. To the best of our knowledge the owner has passed away and the bank has contacted the grandchildren that are occupying the home that they can pay off the mortgage for 30K. The home is in CA, and if the house could have a clear title for 30K, this could be a find of a life-time.
Before we get to that find of a life-time part, we need to know if paying off the house's reverse mortgage is even possible. I would have thought the property would be in probate not offered to family members that are currently there. Obviously, we need to do a lot more research and get familiar with reverse mortgages, but should we try to get this under contract now and work out the rest under due dilligence?
We've just found a house that has a reverse mortgage on it. To the best of our knowledge the owner has passed away and the bank has contacted the grandchildren that are occupying the home that they can pay off the mortgage for 30K. The home is in CA, and if the house could have a clear title for 30K, this could be a find of a life-time.
Before we get to that find of a life-time part, we need to know if paying off the house's reverse mortgage is even possible. I would have thought the property would be in probate not offered to family members that are currently there. Obviously, we need to do a lot more research and get familiar with reverse mortgages, but should we try to get this under contract now and work out the rest under due dilligence?