seller with reverse mortgage

I believe that can't be done, I thought that when you get a reverse mortgage you stay there untill you go to a care facility or beyond, and the property belongs to the bank that gave you the reverse mortgage. I may be wrong but I'm sure someone with more information on that will post.

It's my understanding as well,but need more info. The seller used some of the cash to improve another property and is having big finacial problems along with health issues AND lives out of state. I'm trying to get ALL of his properties to relieve him of all his troubles. Just don't know HOW to deal with the reverse mortgage one.

I've seen a bunch of ads on & about them . Just Googled it . " It is a government coordinated program . It is a loan available to seniors age 62 or older , per HUD , and used to release the home equity in the property as one lump sum or multiple payments ..." [Wikipedia]
It is a second or third or more mortgage on the place under the guidelines of the government . During the peak of the upswing and downslide of the housing market this was being created to get houses back . Then put them out on the market for low income to middle income , military people or individuals who otherwise couldn't get housing . The creation of Ginnie Mae and expansion of other gov. housing programs came about to do to this . www.ginniemae.gov .
You should find your initial answers by entering in your search engine ; Reverse Mortgage .gov or .com .

You basically have , depending on 3 factors , a break even or now an upside down property unless the money went back into the main mortgage property to vastly improve it , from what I'm reading . With the sellers permission of course you'll have to get the numbers from the lender to see if it will work for you .
I hope this helps . You have your hands full with this one . The property can be sold . If the lender knows the owner(s) have been absent for 364+ days you may have problems . Unless it is a military person .

This may help you better . Go to ; http://www.reversemortgageguides.org or call 1-800-976-6211 . It is a loan to seniors that they don't have to pay monthly payments or pay back . It settles out after they pass away through the estate or sold .

The owner/seller owns all the properties free/clear, they were willed to him YEARS ago and has rented them. ONLY one property has a reverse mortgage on it. I know what to do with the rest of them,but,to HELP him out of THIS one I was looking for some kind of solution. Property with the reverse mortgage is just about a break even if not worse from the #'s I got, due to repairs and FMV + REV Mortgage. I was just looking for a way to really help him OUT of this one.
Thanks,
Mike

is to find out who actually owns (or services) the reverse mortgage and call them to ask for a payoff balance.

Bill I new you would step up with the wright way to go.

I've done that. payoff is $204000 that changes daily. Back taxes is $3800.Repairs are $40000 and FMV is $260000. Something else he speaks of is a HUD loan that he has no info on. Not sure what else could surface as liens,etc until title search.