• Question
  • Can a family member buy a home after a Reverse Mortgage?

    Asked on 3/7/2012

    Ruby B. asked NewRetirement.com:

    "Currently I have a Rev. Mortgage. I get no cash. My grandson wants to buy my house. How would that work with a Rev. Mortgage?"

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  • Categories: Repaying, Reverse Mortgages

Answers

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  • Hi Ruby,

    Your grandson can buy your house, but he would have to pay off the reverse mortgage when he did that. He could do this with cash, a forward mortgage or like most people with a combination.

    If your reverse mortgage loan amount is higher than the value of your house, then it probably make more sense for you to just live in the house and return it to the bank when you leave the house. Your grandson could then negotiate with the bank to buy your house.

    Good luck!

  • Login to rate this answer:   Answered on 3/10/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.