Posted on: 17th May, 2010 06:50 pm
hello my siblings and i inherited our mothers home 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 co/owners with proceeds. that left ? if there is a contract to buy out the other
This can be done. I have closed several reverse mortgages in this situation. There are many issues but they can be resolved with someone who has handled this before.
Hi nes!
Welcome to forums!
As far as I know, the mortgage lender will work with a buy out at the closing. However, I would suggest you and your siblings to contact the reverse mortgage lender and check out if he has any objections in this matter.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As far as I know, the mortgage lender will work with a buy out at the closing. However, I would suggest you and your siblings to contact the reverse mortgage lender and check out if he has any objections in this matter.
Feel free to ask if you've further queries.
Sussane
thank you for you reponce and thanks for having me .