Reverse Mortgage for Inherited home?
My siblings and inherited my mothers which is fully paid off . One sibling is currently living in the home he is 72 and needs a reverse mortgage. Do lenders work with a buy out at closing of said seller? buyer of said cowners with proceeds that are left ? is a contract to buy out the other available? by abigale30 from Boston, Massachusetts. May 20th 2010
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
it is possible for one of the co-owners to do a Reverse Mortgage and use the proceeds to pay off the other co-owners after settlement. An attorney would have to draw up an agreement for disposition of the funds prior to the Reverse being closed. The other co-owners would have to execute Quit Claims to remove their names from the deed in order for the Reverse to close in just one name and that person would have to occupy the home as the primary residence.
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