Revers Mortgage - how to buy?

[Mendy Rimler]

Home is recently vacated, owner is in assisted living, and the family is taking care of getting the property back to the bank since it's in a reverse mortgage. Comps are at $250,000 in the area, and they owe $290K. They gave me the bank contact info. Does it make sense for me to approach the bank directly and ask them if they will take a cash offer?

I'm thinking; the bank anyway won't get more than $250,000 if they sell it, so if I make them a cash offer of, say $200K they might take it. Would appreciate any guidance here, thank you.

[Wayne Brooks]

@Mendy Rimler Sorry, that was a typo....price must be at least 95%.