Q: My friend has a reverse mortgage on her home and we want to setup a lease to own agreement for myself. Is she allowed?
She has around 600k on the reverse mortgage and she will still live in the house but I will pay her rent monthly on this lease to own contract so that I can buy it from her after three years.
A: Do not do this. It will be a catastrophic mistake. If you want the house that bad, then borrow the money to pay off her mortgage, and get a deed encumbered by your own mortgage.
A:
You need to structure this in a different manner, most likely including the mortgagee.
Jack
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