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 - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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