Get the homeowner to give you a authorization to release loan info and find out who the mortgage company is.The good thing I have run into with reverse mortgages is they are usually smaller banks and you should be able to get thru the process quicker and also the banks dont have any restrictions like a normal short sale so you should be able to have all your options open when evaluating an exit strategy.

Sorry, don't remember the author, I taught the class years ago.Actually, what I mentioned could easily be consumed in a few days, you only need an understanding so that you get a big picture and you'll see how things fall into place and the inter-relationships.What you need is a good small library.

I don't know, but it might be worse in PA with transfer taxes being based on FMV as seen by the taxing authority as well.

Folks: Once and for all, please put to bed the notion that just because I am not giving up on my quest to find a LEGAL way to accomplish my ultimate goal....that point alone should prove I am in no way thumbing my nose to authority....I am, however, not in agreement with how HOA's are presented (for the most part).

Originally....you need to get the lease with separate option signed, as well as I'd get a memorandum of option signed as well as an authorization to release information signed so you have access to the mtg info.

If the LLC only has the two parents as members, this is still a partnership, and the income / losses are split between them (based on their percentage ownership of the LLC).The parents in any arrangement would still be expected to sign the checks on their HELOC, unless the bank allows for them to add authorized users that have permission to sign on their behalf.

2)If you started missing payments or somehow got into trouble, who would have the authority to negotiate a deal with you -- perhaps a DIL, an extension, or decide to foreclose?

Even the largest land contract buyer in my area has stopped buying them and just does hard money loans now.

Blackstone, the largest real estate private equity fund, just consummated a $2.1 B loan via Deutsche Bank AG.

Combined with the fact that youre new to this I would definitely go in person without saying a number over the phone.I would set an appointment and bring 1) A business card 2) A Purchase Contract 3) An Authorization to Release Information and 4) Comps to Support Your Purchase PriceWhen you have lots of leads coming in you can start qualifying sellers more in depth over the phone but for now you need to experience of negotiating with sellers in person.