My dad has a reverse mortgage on his home that i grew up on. In the event that he passes away, i understand that his home will more then likely be sold to repay that reverse mortgage. Is it possible for me to purchase his home as a buyer? If so, are there additional fees that are applied to the cost due to it being on a reverse mortgage? Is the home sold for the appraised value like normal or is it sold with the remaining loan amount due?
So it sounds like i can purchace the home for full value PLUS the amount he had paid to him? Is this correct?