A everse morgage is basically selling your property, but you get to live in it until it's totally sold.
She sold her horse farm to the bank - it's likey really an investment business, more like a loan shark than a bank. Anyhow, she sold the property, and is collecting the payments slowly while still living there.
You would need to buy the property from the bank/ investmet place, the lady don't have anything to do with it any more. She's basically a squatter at this point, no say on the property.
They will not make you any deals, they bought the property with the idea of turning it around and making bucks off of it whenever they get it paid off.
There are a few cases where a reverse morgage can make some sense, but mostly not, sounds like, as you say, they just used the proprty for cash and will need to walk away some day with no planning.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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