North Bergen, NJ asked in Real Estate Law for New Jersey

Q: My moms house has a reverse mortgage on it, how do I buy the house?

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1 Lawyer Answer
Aida Izgelova
Aida Izgelova
  • Saddle Brook, NJ
  • Licensed in New Jersey

A: Your mom should request a payoff statement from the reverse mortgage company, which will specify her mortgage balance owed to the reverse mortgage company. You will need to pay that amount plus any other liens on the property to purchase the home.

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