Reverse Mortgage Loan - Title acquisition from deceased owner

[Edward Adams]

I'm looking to do a flip on a property that has a reverse mortgage loan on it - it's in arrears, and the former owner is now deceased. The reverse mortgage lender owns the title to the property.

I know that the balance of the loan is about $120k less (balance is $230k) than the ARV (resale value) of this property $350k. Probably about $50k in rehab, mostly cosmetic work needed on the property.

As an investor, if I contact the reverse mortgage lender, would they be willing to sell this property to me for the balance of the existing loan (or even for the amount - $60k - that is in Arrears)?  Can you do a "subject to" deal on a Reverse Mtge loan IF the title is sitting back with the lender?

Bottom line, is there a possible deal here if I can somehow get title to this property from the reverse mortgage lender?