Buying deceased family member’s home that has a reverse mortgage?
Hello everyone. A few months ago, my 96 year old aunt passed away and she left her home to another family member who is not interested in keeping it. One of the things that we’ve since learned is that my aunt had a reverse mortgage on the home with a balance that goes much higher than the estimated value (by around $80,000). At the present time, it’s just sitting vacant, but will be approaching pre-foreclosure soon. However, we’re interested in purchasing the home.
How exactly does this process work? This would be our first house purchase and we’re not familiar with the process.
EDIT: We live in Ohio