Can I Buy a House from a Family Member That Has a Reverse Morgage on It?


Technically, no you can not buy a house from a family member that has a reverse mortgage on it. By default, if the loan is not paid off the house gets deeded to the lender. However, some states allow you to transfer a reverse mortgage loan.
Q&A Related to "Can I Buy a House from a Family Member That..."
1. Schedule a sit-down meeting to discuss the arrangement face-to-face with the family member. Explain to him that you have to treat this arrangement the same as you would if he were
1 Decide what kind of deed you want to transfer. Most transfers between family members are done by quitclaim deeds. Offer a warranty deed if you want to include a statement that you
when you personally feel so.
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A family member can buy his or her parents' house in a short sale through CitiMortgage. The short sale would have to be approved by CitiMortgage like any other ...
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