Creative Seller Financing on a Reverse Mortgage

[Julia Outlaw]

Hello BiggerPockets,

I'm looking at a SFR fixer for my son and his family who currently live with me. The owner, who is in a nursing home, must sell his reverse mortgage by November or the home goes in foreclosure. My son and his wife won't qualify for a mortgage for 3 years that's why we're hoping for seller financing with an option to buy after three years. With a reverse, it is true that only another senior can pay the mortgage? What are our options?