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Ask Attyadvisor Your Own Question
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 5538
Experience:  28 years of experience in general practice, real estate law and estate law.
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I have a elderly friend with a "reverse mortgage" on his Texas

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I have a elderly friend with a "reverse mortgage" on his Texas home. Can an agreement be made to purchase the property now but arrange my financing later on the balance of the loan?
Hello and thank you for your question.

Would you be signing a contract only or transferring the property title? Do you have a copy of the reverse mortgage documents? There may be a termination clause upon a change in title ownership.
Customer: replied 3 years ago.
Just a contract now. Then finance it later. Leave things as they are now with his reverse mortgage.
As long as the title is not transferring out of your friend's name there would be no issue with the lender. Just don't record the contract against the property.

Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you.
Attyadvisor and 5 other Real Estate Law Specialists are ready to help you
Customer: replied 3 years ago.
Would you be able to prepare document and consultation?
Unfortunately, the terms of service for the site do not allow me to prepare documents for customers. That being said, it would be my pleasure to provide you with forms of real estate purchase agreements.
Customer: replied 3 years ago.
I understand. Please advise on proceeding with the correct forms.
I hope you find these links helpful.

Please feel free to return to this question at anytime with any follow up questions that you may have with regard to the forms.

Thank you for your business.

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