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Reverse morgage or bank lien?

Started by mrb
over 14 years ago
Posts: 39
Member since: Jan 2008
Discussion about
Looked at a property that we believe might have a bank lien due to a reverse mortgage. Is it possible that upon buying the loan could be the buyers responsibility to pay off?
Response by Riversider
over 14 years ago
Posts: 13573
Member since: Apr 2009

That's why one does a lien search and purchases title insurance.

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Response by NWT
over 14 years ago
Posts: 6643
Member since: Sep 2008

The lender is paid off with the proceeds of sale, as with any mortgage, unless both buyer and lender agree that buyer assumes the mortgage.

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