Buying from people in Senior Living Facilities

[Mark Mynhier]

Someone in the management end of a Senior Living Facility (not dealing with dementia patients) contacted me concerning helping some of their clients. She wanted to know if I could possibly purchase some of their homes in order to provide them with the funds to live in the care facility. Some have reverse mortgages and others just own the houses out-right.

I have no problem with the purchases, since the patients are have their full facilities (I wouldn't work with any of the Alzheimer's patients or dementia patients), but what land mines are there in this? Anything unusual about the reverse mortgages that I need to know in order to deal with them?

Thanks,

Mark