Reverse Mortgage buying

[Terri Lewis]

I have been trying to get a property that is a reverse mortgage. When I went to put an offer on it that was a little less than the asking price, the Realtor said that it had to be for the full amount. We were trying to put $500.00 earnest money down, on that she said it had to be $1000.00 and 10% of the asking price into a trust. Has anybody purchased a property from a reverse mortgage? Is this the standard guidelines for a reverse mortgage purchase?