Buying A Home That Has A Reverse Mortgage ⚡ | Updated |

: 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, 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. buying a home that has a reverse mortgage

: Request a formal payoff statement in writing, including the FHA case number and property address, to know the exact amount needed to clear the lien. : If you are an heir buying the