Getting creative with a Reverse Mortgage property - Ideas?

[Mike Neubauer]

Aloha everyone,

See if you can help me find a solution to this conundrum...

There's a SFH here on Maui and I want it. It's owned by a gentleman and his wife who have it on a reverse mortgage. The house actually has two rental units in it as well. The income from the rentals and the reverse mortgage pay for their retirement. I'd estimate he owes about half a million on it, but it's probably worth 1.1m or so. The other caveat is that the couple probably needs to stay in the house. They're an older couple and like family to us, so I'd like to come up with an option that is a win-win. If we were to purchase it, we would need the income from the rentals in order to pay the mortgage on it. I can certainly eat some, but how could I give the couple an income, a place to live and take possession of the home?

If this house goes back to the bank, there's no way I'll be able to pickup this property. Anybody ever deal with a situation like this, and if so how were you able to acquire the property?  I know there is a solution here somewhere, but I'm having trouble spotting it. Looking forward to your ideas. Thanks!