Purchase Home Mortgage
I could buy my dads reverse mortgage home?
My dad has a reverse mortgage on his home, I grew up on. In the event that he goes away, I understand that his home would more than likely be sold to repay the reverse mortgage. Is it possible for me to buy his home as a buyer? If yes, there are additional fees that used to cost as a result of being on a reverse mortgage? Is the home sold for the estimated value as normal or it is sold with the remaining loan amount due? Thanks Josh So it sounds like I could purchase the home for full value PLUS the amount he had paid to him? Is this correct? Bummer
There is extreme fees to pay if you back out of a reverse mortgage. Not to mention that you must pay back everything they paid your father. I disspointed on all those commercials that make reverse Mortgages sounds so good. When in reality, it is one of the worst financial decisions a person can do. I would consider letting him keep his reverse mortgage, then buy the house when it goes in the market for many years from now. Research – to break the reverse mortgage fees. The house will be sold to the estimated value or higher when he passes. /