Hi everyone - I used to be a land title abstractor in Gainesville. Now, I live in NC and am thinking about moving to TV. From what I've read a home with a reverse mortgage is owned by the deceased persons estate. It should be sold by them - the family member(s) who inherited the home. It is typically sold to satisfy the reverse mortgage obligation. Then the family (estate) gets the remainder. And if the banks don't get their money within a year they get it from the agency that insured the reverse mortgage in the first place. The problem may be that no one knows who now owns the property. And who wants to spend their money to satisfy the legal issues ? The best thing would be to either find the owners (likely out of state) and work with them, or
buy the property at tax sales if no one is paying the property taxes. I, for one, would like to have a lot for cheap to put a new mobile home on.
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