Buying A Home That Has A Reverse Mortgage -

: As the buyer, your purchase price must be high enough to cover the full reverse mortgage balance plus any other liens, unless the lender agrees to a short sale.

: If the loan balance exceeds the home's value, the seller (or their heirs) may need to pursue a Short Sale with the lender’s servicing department to facilitate the transaction. The Purchase Process buying a home that has a reverse mortgage

: It is critical to contact a title company early to verify the property's ownership and ensure no foreclosure actions are pending. : As the buyer, your purchase price must

: If you are an heir buying the home, HUD rules allow you to purchase it for 95% of its appraised value , even if the loan balance is higher. : As the buyer