Buying A Home That Has A Reverse Mortgage -

: The lender will typically order an appraisal to determine the current market value, which is vital if the loan is "underwater" (balance is higher than value).

: If the loan balance exceeds the home's value, the seller (or their heirs) may need to pursue a Short Sale with the lender’s servicing department to facilitate the transaction. The Purchase Process buying a home that has a reverse mortgage

: As the buyer, your purchase price must be high enough to cover the full reverse mortgage balance plus any other liens, unless the lender agrees to a short sale. : The lender will typically order an appraisal

: If the original borrower is deceased, you must work with the authorized heir or executor to communicate with the lender's servicing department. buying a home that has a reverse mortgage