Hi! I was trying to figure out the right bowl for this question and I think this is the right one but if not lmk. My granddad purchased his house in about 1980 & had to do a rvrs mortgage around the time that my grandma passed in 2010. Now that I have a pretty nice salary, I want to purchase his house in the event that he passes. Does anyone have any tips on how to go about this? Would I need to buy it back from the bank & would it be the current value he owes? Can I start the process now?

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You would just have to settle on a purchase price with gramps, and payoff the loan at closing

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So I should purchase pre-passing?

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This is actually a very simple transaction. As oak tree capital just stated, if grandpa will be kind enough to sell it for less than appraised value, that difference can be used as a gift of equity… which essentially creates a down payment out of thin air.

Their reverse mortgage will be paid off at closing and he will be relieved of that obligation.

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