All Forum Posts by: James Jefferson

I have a mortgage already and don't want to get another right now. I'd rather work something out with a private lender if possible to make it work. It has alot of opportunities due to the area and don't really want to pass up on it. Bank doesn't own it anymore they sold the notes to another reverse mortgage company. 

Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water. When I tried to get it when my side of the family found out and tried ti take over reverser mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out. So I want purchase it as my first rental property it's going to need rennovations for sure not terrible shape just older rancher home. County has assessed for 200k but would be worth more due to the area they are building homes left and right on that road and they are selling 300k+ and up. Good quiet area. The reverse mortgage company wants buyout and I dont have over 200k to pay out. What would be my best approach, I assume find a private lender and work out some deal with them.
All questions and answers will help thank you.

Hi, I have a family member that had a reverse mortgage on their property it's a 3b 1b 1 acre of land heats by oil no hvac and on well water. When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out. So I want purchase it as my first rental property it's going to need rennovations for sure not terrible shape just older rancher home. County has assessed for 200k but is worth more due to the area they are building homes left and right on that road and they are selling 300k+ and up. Good quiet area. The reverse mortgage company wants buyout and I dont have over 200k to pay out. What would be my best approach, I assume find a private lender and work out some deal with them. Not sure where to start All questions and answers will help thank you.