: Request a formal payoff statement in writing, including the FHA case number and property address, to know the exact amount needed to clear the lien.
: If the original borrower is deceased, you must work with the authorized heir or executor to communicate with the lender's servicing department. buying a home that has a reverse mortgage
: As the buyer, your purchase price must be high enough to cover the full reverse mortgage balance plus any other liens, unless the lender agrees to a short sale. : Request a formal payoff statement in writing,
: The lender will typically order an appraisal to determine the current market value, which is vital if the loan is "underwater" (balance is higher than value). buying a home that has a reverse mortgage