How could I structure this deal?? (Help please)

[Autumn Rankin]

I know a lady who owns 4 acres & house in a very desired hill country area. She wants to sell but is 70 and has no where to go. She was thinking of doing a “lifetime” deal. Meaning you buy the estate from her (at a $65,000 less price) and she can still live there till she dies. She owns $20,000 on property and deferred the taxes. She needs the $$. That’s the deal My thought was to assume the mortgage and take a home equity line of credit to may her monthly (which is what she needs). I don’t need to live at the property, just thought it would be an opportunity to get a valuable property and use the line of credit to fund more deals Your thoughts??

[Aaron K.]

At 70, hopefully she has a lot of living left to do.  Large companies do this with reverse mortgages, but I think it would be much more difficult for a smaller investor, because you could be waiting 20 years or more before you acquired the property, while paying for it the whole time.