I'm new to the community and located in Edmonton, AB.

Mike licensed Mortgage lender who can do residential owner occ loans is what a RMLO is.they are tough to find because most work for a broker that will not allow one offs.. when I was current with my RMLO license I thought about setting up for this business but too much work for to little money.RMLO needs to be a state licensed mortgage lender and NMLS registered to do owner occ loans. 

Can you please advise me on how to purchase an out of state home where the owner has a reverse mortgage on it? 

@Sean ConroyThe cost of building is not going to go down, unless you're looking at the debt component.

Sometimes it's difficult for people to shift from hypothetical to actual.

Hi Mary,It is true the lender will not usually give you the rehab funds in advance, but this does not mean that you must complete all of the rehab out of pocket.

This often happens when gutters backup or water curls under the roof and gets to the fascia board instead of going into the gutter.

Worth having a conversation about it with them to figure out what's going on. 

What made you interested in investing in this type of deal?

First off, I want to say how much I appreciate this amazing community.